SINGAPORE: It was once hailed as the darling of Southeast Asia’s 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.
By September 2017, the company was reportedly shipping to eight countries with seller hubs in Hong Kong, Korea, Vietnam, Cambodia, Indonesia and Thailand, adding 5,000 new merchants to its platform. Later that year, Zilingo announced that it would spend US$100 million to expand into the US, establishing offices in New York and Los Angeles.
The firm also did not file annual financial statements, which is a basic requirement for all businesses of its size in Singapore, for two years - 2020 and 2021 - and the COVID-19 pandemic also buffeted Zilingo's revenue.following an investigation into the start-up's accounts after complaints about alleged financial irregularities were raised. A month later, she was fired.
Following the initial investment, the company underwent four rounds of series funding between 2016 and 2019.
Those who are boastful and arrogant are destined to fall. Why? Because they would only attract like-minded kind of people.
FTX, Zilingo… what’s next
better used of the investment to really help the Seniors of SGP.
peanuts