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Zilingo’s Chief Working Officer (COO) has lately resigned from the corporate, within the newest of high-profile departures within the crisis-stricken firm.
Aadi Vaidya, who has served as Zilingo’s COO since 2017, confirmed his resignation when contacted by Bloomberg final Friday. Whereas he mentioned that Zilingo has given him nice colleagues and pals, he additionally acknowledged that it’s “now time to maneuver on, clear my head and reset priorities for the longer term”.
Vaidya’s resignation is the most recent in a line of exits from Zilingo.
Many executives have left the startup
The startup first suspended its co-founder and CEO Ankiti Bose after auditors raised the alarm on the corporate’s accounting practices. Bose was later fired, although she has denied any wrongdoing and known as the suspension a “witch hunt”.
Previous to this, Zilingo was one in all Singapore’s highest profile startups, having raised US$226 million at a valuation of US$970 million in 2019.
The corporate offers e-commerce integrations for small trend distributors throughout Southeast Asia, and counts Temasek Holdings and Sequoia Capital India, amongst others, as its traders.
Bose later resigned from all directorship positions within the firm, together with the holding firm and all subsidiaries.
In a press release, Bose criticised the corporate’s dealing with of the disaster, together with their failure to indicate her stories pertaining to her alleged misconduct, and accused the corporate of leaving staff and clients in a state of limbo.
The corporate additionally misplaced their Chief Monetary Officer Ramesh Bafna in Could, regardless of being a frontrunner to take over Bose’s place as Zilingo’s CEO.
Zilingo’s head of PR and communications Naushaba Salahuddin was additionally dismissed across the identical time.
The corporate is at the moment being led by co-founder Dhruv Kapoor, the corporate’s Chief Expertise Officer, who owns round eight per cent of the corporate.
Kapoor has been making an attempt to maintain the corporate afloat, and in June, the board authorised US$40 million in a mortgage reimbursement to collectors.
Individually, Inc42 reported that Zilingo has not paid staff’ salaries since March. The corporate has additionally laid off its Philippines workforce.
Featured Picture Credit score: Ore Huiying | Bloomberg | Getty Picture and Zilingo
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