CNA Explains: The rise and fall of Temasek-backed fashion start-up Zilingo
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SINGAPORE: It was once hailed as the darling of Southeast Asias tech scene and even came close to becoming a unicorn four years ago but now, the days are numbered for beleaguered fashion start-up Zilingo.
On Monday (Jan 23), the Economic Times reported that the Singapore-based company had sold its tech assets to Swiss e-commerce management software provider Buyogo AG, along with its Sri Lanka-based acquired entity nCinga Innovations.
The sale was reportedly completed in the first week of January, marking the beginning of the liquidation process at the Singapore-based startup.
The process will put an end to Zilingo's months-long struggle for survival, which has sent shockwaves through the tech industry in Southeast Asia and India.
Heres what we know about Zilingo.
FROM NEAR-UNICORN TO FAILURE
The company was founded in 2015 by Ms Ankiti Bose and her business partner Dhruv Kapoor, helping to aggregate small fashion retailers in Singapore, Bangkok and Jakarta onto a single platform.
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