Beyond fall of Zilingo, death of a $1bn start-up

This case raises concerns about corporate governance, workplace harassment and challenges faced by women entrepreneurs in male-dominated industries.

- SHANTANU GUHA RAY

B2B Zilingo, a Singapore-based fashion tech startup, valued at $1 billion in 2019, is set for liquidation after a prolonged crisis.

The countdown to the company's demise started during an AGM held on 10 February 2023, when the decision to initiate the dissolution process was made.

The process can take anything between 3 and 6 months.

The once-promising company is being laid to rest. Thereby hangs a cautionary tale, which is emerging in bits and pieces still.

But as the curtain drops on Zilingo-an's ambitious attempt to bring together small traders of Southeast Asia on a unified e-commerce platform, spearheaded by 30-year-old Indian-born co-founder and former CEO, Ankiti Bose-it is important to consider some long-term perspectives.

It is also important, for India's unicorn ecosystem, to consider the potential impact of personal conflicts and the influence they may have had and could have tomorrow, if it goes unchecked.

So, let's go through part by part.

Although bits and pieces of information on the rise and fall of Zilingo and Bose have been reportedly and selectively fed to the public, the media narrative depicts a lopsided picture, with Bose tarred as a high-flyer who deliberately cultivated a high public image while committing "financial irregularities."

Today, Bose's professional and personal reputation has been tainted by what sources claim was a deliberate smear campaign media mounted in mainstream and social media platforms.

Top sources, however, say it reeks of personal vendetta. And now the plan to shaft Bose is coming out in the open like an orange peeled taken out from a refrigerator for peeling.

The reality is vastly different. Investigations show that reports in the media tell only one part of the downfall of Zilingo and the alleged involvement of Bose, in financial irregularities.

But now, as facts emerge, the truth cannot be hidden anymore.