Share to Twitter Share to Linkedin The cofounders of Zilingo— Dhruv Kapoor and Ankiti Bose —have proposed to buyout the troubled fashion startup as the duo aims to restructure and revive the company’s operations amid prospects of liquidation. “Given the potential of the business and the value you know this company can achieve, I urge you to consider the management buyout as a preferred alternative to voluntary liquidation,” Kapoor said in the proposal sent to the Zilingo board on Sunday evening. A copy of the proposal was obtained by Forbes Asia . Bose—whom the board terminated as CEO in May following an internal accounting probe—has thrown in her support for the MBO [management buyout] proposed by Kapoor. “I endorse this proposed MBO plan with this [new] investor group and encourage all shareholders of Zilingo to see beyond the personal differences here and do what’s right,” Bose told the board by email shortly after Kapoor sent the proposal. “I … [Read more...] about Zilingo Cofounders Propose To Buyout Financially Troubled Startup
Sanjiv kapoor
Zilingo’s shareholders await board’s decision as meeting ends inconclusive
Ankiti Bose (Image: @ankitibose/Instagram) Singapore-based business-to-business (B2B) e-commerce startup Zilingo's shareholders are in a wait-and-watch mode after the company's board meeting ended inconclusively on June 20. The embattled startup's Board of Directors, including its co-founder and chief technology officer, Dhruv Kapoor, met earlier in the day to decide on Zilingo's fate. The Board discussed various options, including liquidation as suggested by Deloitte LLP, and a last-minute management buyout offer by the two founders--Kapoor and Ankiti Bose. According to sources aware of the matter, the Board did not conduct any voting today on any of the proposals, and the directors said that the Board will meet again after considering the management buyout offer and liquidation of the company. A query sent to Deloitte and Kapoor remained unanswered, while Zilingo declined to comment. Late in the evening on June 19, Kapoor proposed a management buyout of Zilingo, just a … [Read more...] about Zilingo’s shareholders await board’s decision as meeting ends inconclusive
Zilingo founders join hands, make buyout offer as B2B startup teeters on edge of liquidation
Ankiti Bose (Image: @ankitibose/Instagram) Zilingo founders Ankiti Bose and Dhruv Kapoor have joined hands to make a management buyout offer of the company as the Singapore-based business-to-business (B2B) e-commerce startup is staring at voluntary liquidation, according to sources aware of the matter. "Given the potential of the business and the value you know this company can achieve, I urge you to consider the management buyout offer as a preferred alternative to voluntary liquidation," Dhruv Kapoor, Zilingo's co-founder and chief technology officer, told the Board of Directors of Zilingo, in a mail, a copy of which was viewed by Moneycontrol. "I make this offer on the basis of firm investor commitments and having appointed legal and financial advisers in respect of the management buyout offer," Kapoor added. According to the letter, the new investor will be infusing $8 million in equity in tranches. The offer further stated that pursuant to Singapore's Insolvency, … [Read more...] about Zilingo founders join hands, make buyout offer as B2B startup teeters on edge of liquidation
Temasek-Backed Startup Zilingo Aims To Raise Up To $200 Million
Share to Twitter Share to Linkedin Zilingo, a fashion technology startup backed by Singaporean state-owned investor Temasek Holdings, is seeking to raise between $150 and $200 million at a valuation of more than $1 billion, according to people with knowledge of the matter. The current funding round, which was initially reported by Bloomberg News and subsequently confirmed by Forbes , is said to be ongoing, so the financial details still have yet to be finalized. Zilingo is working closely with Goldman Sachs and has reached out to selected investors to gauge their level of interest. The Singapore-based platform for fashion merchants was cofounded in 2015 by CEO Ankiti Bose alongside Dhruv Kapoor, Zilingo's chief technology and chief product officer. The company evolved over the years from a platform for businesses to sell products to consumers in Southeast Asia to a B2B marketplace that connects wholesale buyers with sellers around the world. The … [Read more...] about Temasek-Backed Startup Zilingo Aims To Raise Up To $200 Million
CBI books DHFL, its former CMD and director in Rs 34,615-crore bank fraud case
The CBI has registered a fresh case against Kapil Wadhawan and Dheeraj Wadhawan of DHFL for allegedly cheating a consortium of 17 banks led by the Union Bank of India to the tune of Rs 34,615 crore, making it the biggest banking fraud probed by the agency, officials said. The CBI is carrying out searches at 12 locations in Mumbai at the premises of accused in the case, they said. The agency booked the Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan, the then CMD, Dheeraj Wadhawan, the director and six realtor companies for allegedly being part of criminal conspiracy to cheating the consortium led by the Union Bank of India to the tune of Rs 34,615 crore, the officials said. The agency has acted on a complaint from the bank on February 11, 2022, they said. Wadhawans are already under CBI probe in connection with alleged corruption involving Yes Bank founder Rana Kapoor. … [Read more...] about CBI books DHFL, its former CMD and director in Rs 34,615-crore bank fraud case
ASEAN should rethink its approach to Myanmar crisis, U.N. expert says
KUALA LUMPUR (Reuters) - The Southeast Asian bloc ASEAN should rethink its approach to engaging with Myanmar and demand specific actions and timeframes to end hostilities in the military-ruled country, a United Nations expert said on Thursday. Special Rapporteur on Human Rights, Tom Andrews, also called on U.N. member states to engage formally or informally with Myanmar's shadow National Unity Government (NUG) to help the humanitarian situation. The 10-member Association of Southeast Asian Nations (ASEAN) is divided over how to deal with Myanmar, where the military overthrew an elected government last year and has since led a brutal crackdown on opponents. Shortly after its coup, ASEAN members, including Myanmar, came to an agreement to restore peace, but progress has stalled amid weak enforcement. "The (agreement) is meaningless if it sits on a piece of paper," Andrews told a news conference after a six-day trip to Malaysia, one of the junta's most vocal critics in the … [Read more...] about ASEAN should rethink its approach to Myanmar crisis, U.N. expert says
Ms Marvel review: Iman Vellani steps up as the first South Asian female superhero in the MCU
Iman Vellani as Kamala Khan/Ms Marvel in 'Ms Marvel'. (Photo by Daniel McFadden. ©Marvel Studios 2022) Kamala Khan (Iman Vellani) is Marvel’s first Muslim superhero, and she debuts in the limited series Ms Marvel , which dropped on Disney + Hotstar on June 8. A teenager from a dogged and close-knit Muslim family in Jersey City—still catalysed to shame and angst by the post-Partition trauma of their lineage—launched as a comic book in 2013. The young Marvel superhero, an obsessive Avengers and Captain Marvel fan in her humble and messy origin story, has soared as young Marvel superheroes have started gaining momentum in Phase 4 of the Marvel Cinematic Universe (MCU)—the other Young Avengers being Kate Bishop ( Hawkeye ), the Maximoff twins ( WandaVision ), Elijah Bradley ( The Falcon and the Winter Soldier ), Kid Loki ( Loki ), and America Chavez ( Multiverse of Madness ). In the comics, Kamala belongs to a different group of young superheroes called the Champions, and … [Read more...] about Ms Marvel review: Iman Vellani steps up as the first South Asian female superhero in the MCU