Zilingo's co-founders make surprise buyout offer for startup: Report

The move comes as Zilingo's board is scheduled to meet on Monday to discuss the future of the company, according to people with knowledge of the matter

Zilingo
Premium

Zilingo Co-founder Dhruv Kapoor (right) proposed a management buyout to the company’s board. Earlier, allegations of financial irregularities led to the dismissal of CEO Ankiti Bose (left)

Olivia Poh and Yoolim Lee | Bloomberg
Zilingo co-founders made a last-ditch offer to buy the embattled fashion e-commerce platform as the board debates its future, according to people familiar with the matter.
 
Co-founder Dhruv Kapoor on Sunday proposed a management buyout to the Singapore-based company’s board, according to the people, who asked not to be named as the matter is private. He has secured commitments from a small group of new investors including a US private equity firm, the people said.
 
Under the preliminary proposal, the investor group will inject $8 million in new equity in a newly incorporated entity in tranches, while the remaining assets

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jun 19 2022 | 8:36 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com