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