According to the Financial Express, Ankiti Bose, Zilingo’s recently suspended co-founder and CEO, is trying to pay off the business’s whole $40 million debt, which would allow her to earn an additional stake in the company.
Bose is said to have already approached Varde Partners and Indies Capital with a term sheet to repay the company’s outstanding debts. When Zilingo was under Bose’s leadership in 2021, Varde and Indies teamed up to give a US$40 million loan. The loan has subsequently been withdrawn by the creditors, causing the Singapore-based B2B e-Commerce company to hire a financial counsel.
According to insiders, Bose has already spoken with “a few institutional investors and hedge funds headquartered in Singapore and India” in order to raise the cash.
The first warning of non-payment occurred after Bose was suspended due to claims of financial irregularities in the company’s bookkeeping, which were precipitated by a dubious fundraising scheme.