At first glance, the implosion of vaunted fashion startup Zilingo Pte looked jarringly sudden.
When the Singapore tech darling suspended its 30-year-old CEO Ankiti Bose over complaints about alleged financial irregularities, it was March. Within weeks, creditors were recalling loans, more than 100 staff had left, and Bose found herself fired, though she denies any wrongdoing. The company’s survival is now in question.
The Zilingo meltdown has rattled the tech industry in Southeast Asia and beyond. The startup had raised more than $300 million from some of the region’s most prominent investors, including Temasek Holdings and Sequoia Capital India, the regional arm of the Silicon Valley firm that backed Apple and Google. Bose was a celebrity who crisscrossed the globe to speak at gatherings from Hong Kong to California.
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