Corporate Governance Crisis at Startups: The Zilingo Story
| Case Code: BECG187
Case Length: 18 Pages
Pub Date: 2023
Teaching Note: Available
| Price: Rs.300
Organization: Zilingo Pte Ltd
Themes: Corporate Governance, Business Ethics,Organizational Crisis,Leadership & Values
Abstract Case Intro 1 Case Intro 2 Excerpts
But like many startups, Zilingo faced challenges almost from the beginning. The consumer-focused fashion site struggled due to thin margins and low average income in Southeast Asia, a fragmented region with different languages and currencies..
In June 2022, Zilingo’s board was weighing many options such as going in for a liquidation or a management buyout. On the flip side, Bose and Kapoor pitched for a management buyout. Kapoor proposed to buy back Sequoia’s 26% stake in the company, where he already held 8.5%..
Exhibit I: Services Offered by Zilingo
Exhibit II: Payments Made by Zilingo on Bose’s Approval to Various Entities
Exhibit III: Stake of Founders and Investors in Zilingo as of 2022
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