Singapore-based fashion tech company Zilingo Pte is going to enter liquidation in the wake of complaints of financial irregularities that was followed by the termination of its high-profile CEO Ankita Bose, Bloomberg reported.

The Singapore-based fashion-tech company’s board appointed EY Corporate Services Pte as provisional liquidator, the report said citing sources.

The liquidation comes after Zilingo creditors Varde Partners and Indies Capital found a buyer for some of the assets.

The company was backed by prominent investors like Sequoia Capital India among others.

Zilingo was valued at close to $1 billion in a 2019 funding round. The covid-19 pandemic took a toll on the company’s revenue, forcing the management to cut jobs. 

At the heart of the meltdown was a tiff between  Ankiti Bose, one of the two co-founders of the company, and her longtime supporter Shailendra Singh, head of Sequoia India.

As financial difficulties mounted Singh lost faith in the management skills of the young founder while Bose felt betrayed by Singh as she was expelled from her own company.

In June, the company’s financial adviser Deloitte LLP advised selling off the company’s assets as the board started weighing options, including liquidation and a management buyout.