New Delhi: Chief Operating Officer of Adi Vaidya zilingohas resigned in the latest setback to the startup, which has seen its fortunes take a dramatic dive this year after potentially coming close to raising a unicorn round.
Vaidya confirmed his resignation to 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 It’s 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, Head of Extension. He was promoted as Chief Operating Officer in 2017. Prior to Zilingo, he worked with Citibank India.
Vaidya’s resignation comes just weeks after Zilingo co-founder Ankiti Bose resigned from the company’s board due to “ambiguity of information” shared with her by other shareholders.
Earlier, 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.
On June 19, the company’s other co-founder Dhruv Kapur proposed to infuse additional funds into the company to avoid liquidation and to restructure the debt.
Kapoor’s offer was a “preliminary and non-binding offer” in which $48 million of outstanding debt owed to Verde Partners and Indies Capital was paid in a deferred manner, and $8 million in new equity in the company with the help of an investor group. investment was made. Backing the deal The proposal was backed by cofounder Bose.
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. In 2019, Zilingo raised $226 million led by Sequoia Capital, the company’s current backer. Singapore’s Temasek Holdings joined that round as a new investor.
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