B2B fashion start-up, Zilingo, is all set to enter liquidation, sources told Bloomberg. The Singapore-based company’s board appointed EY Corporate Services Pte as provisional liquidator, people familiar with the matter said. The board informed major shareholders and creditors of its decision, they said.
The liquidation comes after Zilingo creditors Varde Partners and Indies Capital Partners found a buyer for some of its assets, the people said. Those assets have been transferred to the new owner for an undisclosed purchase price, the sources told Bloomberg.
This development spells the beginning of the end of a start-up which became a prominent name in the Southeast Asian start-up circles. The company was started in 2015 by Ankiti Bose and Dhruv Kapoor. Its valuation soared to $1 billion in 2019 with marquee investors backing it including the likes of Sequoia Capital, Temasek Holdings Pte, and others.
