COO Adi Vaidya resigns in fresh blow to Zilingo

Vaidya confirms his resignation vCircle,

“I have resigned and decided to move on from Zilingo. It was a place that shaped me both personally and professionally and gave me great allies and friends. Zilingo will always be close to my heart but I think That now is the time to move on and reset priorities for the future,” said Vaidya, who owns about 2% in Zilingo. Vaidya joined Zilingo in 2015 as Vice President and Head of Extension. He was promoted to COO in 2017. Prior to Zilingo, he worked with Citibank India.

Vaidya’s resignation was prompted by Ankiti Bose, co-founder of Zilingo, said in late June that she had resigned from the company’s board citing “ambiguity of information” shared with her by other shareholders.

On May 20, Bose was sacked by the Zilingo board following an investigation into alleged financial irregularities by Kroll. Bose has denied the allegations in several media reports.

Meanwhile, on June 19, the company’s other co-founder Dhruv Kapoor proposed to infuse additional funds into the company and restructure the debt to avoid liquidation.

Kapoor’s offer was a “preliminary and non-binding offer”, with a deferred payment of $48 million in outstanding debt owed to Verde Partners and Indies Capital, and $8 million in new equity in the company with the help of an investor group. investment was made. The deal was supported by Bose who supported the proposal.

The case to end Zilingo was not voted on last month as the company was evaluating other proposals as well. Trouble began for the startup when a whistleblower alerted the company’s investors about the irregularities earlier this year, following which Bose was first suspended and then asked to leave by the board.

Previously, Zilingo was looking to raise between $150 million and $200 million at a unicorn valuation with the help of Goldman Sachs Group Inc. A unicorn is a privately held startup with a valuation of at least $1 billion.

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