News

Zilingo chief operating officer Aadi Vaidya resigns

Adi Vaidya, Jilingo’s chief executive, has resigned in the latest setback for the startup, whose fortunes have plummeted this year after almost a single round. Vaidya confirmed his resignation from the VCC circle. I have decided to resign and move from Geelingo, a place that has shaped me personally and professionally and given me wonderful colleagues and friends. Geely will always be close to my heart, but I feel it is time to change priorities for the future. Vaidya joined Jilingo in 2015 as Vice President and Head of Development. In 2017, he was given the position of the chief operating officer. Before Jilingo, he worked with Citibank India. Vaidya’s resignation comes weeks after Jilingo founder Ankita Bose announced late last month that she was stepping down from the company’s board over “opaque information” provided to her by other shareholders. Bose was previously fired by Zilingo’s board on May 20 following an investigation into Kroll’s financial irregularities. Bose denied the allegations in several media reports. Meanwhile, on June 19, another co-founder of the company, Dhruv Kapoor, offered to inject additional funds into the company and restructure the debt. Kapoor’s proposal was a “preliminary, non-binding proposal” to retire $48 million in outstanding debt to Warde Partners and Indies Capital and inject $8 million in new capital into the company with the help of a group of investors. supports this agreement. This proposal was supported by one of the founders of Bose. The liquidation of Zilingo was not put to a vote last month as the company evaluated other proposals. The matter first came to light earlier this year after a whistleblower alerted the company’s investors to the breach, prompting Bose to be first suspended and then asked by the board to leave the company. Before that, Zilingo sought to raise $150 million to $200 million through a Unicorn valuation with Goldman Sachs Group Inc. A unicorn is an individual startup with a valuation of at least $1 billion. In 2019, Zilingo raised $226 million led by current backer Sequoia Capital. Singapore’s Temasek Holdings joined the round as a new investor.

About the author

BusinessUpdater

An MBA in HR and Marketing from AIMS Institute (Bangalore University), He heads digital business he has a rich experience that he has garnered from his previous organisations Including leading Banks, NBFCs & Genpact India. He is a serial entrepreneur and the founder of Heavy Group of Companies.

Add Comment

Click here to post a comment