Zilingo

Fashion / B2B e-commerceSingapore

New to Unitard

💀 Dead / Bankrupt

Peak $970 MillionToday

~-100%

from peak

🦄
Became a unicorn
2019
📈
Peak valuation
$970 Million ’19
💔
Became a Unitard
2022
💸
Last valuation
Wiped out

Capital raised

$308M

Total raised

$120K/day

Raised per day

Total raised averaged per day over approximately 7.0 years from founding to bankruptcy or shutdown. This is not measured cash burn. Methodology

Funding: Wikipedia / Bloomberg

Current status

Ceased operations 2022; tech assets sold to Buyogo (Jan 2023); entered liquidation (Feb 2023).

The rise & fall

7 moments · 2015–2023

The key moments, with employee sentiment along the way.

2015

Founded in Singapore

Ankiti Bose and Dhruv Kapoor connect Southeast Asia's fashion sellers to apparel manufacturers.

Wikipedia

2019

The peak: ~$970M — almost a unicorn$970M

Sequoia and Temasek push the B2B fashion platform to within a whisker of the $1B mark.

Bloomberg

2019–23

From the inside · Glassdoor reviews, 2019–23

Employees sensed the drift years before the collapse: Glassdoor reviews described directionless leadership chasing too many businesses at once, favoritism toward a clique of the founders' friends, and over-hiring before the mass layoffs that came with Covid. By 2023, reviewers were simply logging the wind-down.

2022

Irregularities surface in due diligence

Vetting for a new funding round turns up financial irregularities; the board suspends and then fires CEO Ankiti Bose, who denied wrongdoing.

Bloomberg

2022

Ceases operations — joins the Unitard Club 💔

Months after the CEO's ouster the platform simply stops: $308M raised, and nothing left to recover.

Bloomberg

Jan 2023

Tech assets sold to Buyogo

Switzerland's Buyogo picks up the technology.

Wikipedia

Feb 2023

Liquidation, with nothing for investors

The company enters liquidation with nothing to distribute.

Bloomberg

$970Mof peak value erased · 7 years

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

Zilingo was a Singapore-based B2B fashion-technology platform, founded in 2015 by Ankiti Bose and Dhruv Kapoor, connecting apparel sellers with Asian manufacturers. Backing from Sequoia and Temasek pushed its valuation to nearly $1B in 2019.

Financial irregularities surfaced during due diligence for a new round; the board fired its CEO in 2022, the company ceased operations, sold its tech to Switzerland's Buyogo, and entered liquidation in February 2023 with nothing left for investors.

Source: Bloomberg / Wikipedia (valued ~$970M / near-$1B in 2019 with Sequoia and Temasek; CEO Ankiti Bose fired over financial irregularities 2022; liquidation Feb 2023 with nothing to recover)