Zilingo Board Approves Debt Repayment to Creditors
- Board instructing co-founder Dhruv Kapoor to transfer funds
- Move comes after Kapoor sought investor support to save firm
An employee at the Zilingo Pte office in Singapore.
Photographer: Ore Huiying/BloombergThis article is for subscribers only.
Zilingo Pte’s board has authorized the repayment of loans demanded by creditors as the troubled startup fights to stave off a liquidity crisis, according to people familiar with the matter.
Weeks after the ouster of Ankiti Bose from her post as chief executive officer, company directors on Wednesday authorized co-founder Dhruv Kapoor to transfer funds demanded by the creditors behind a $40 million debt facility with immediate effect, said the people who asked not to be named as the matter is private. Kapoor and Bose started Singapore-based Zilingo together in 2015.