In 2018, Zilingo reportedly splashed out US$1 million to send a number of social media influencers to Morocco for a three-day extravaganza, including camel rides, a hot-air balloon trip, yoga lessons and gourmet dinners.
However, a source told Bloomberg that the marketing campaign was a “massive flop” as it only brought in 10,000 new users instead of the projected one million customers.
The firm did not file annual financial statements, a basic requirement for all businesses of its size in Singapore, for two years – 2020 and 2021 – and the COVID-19 pandemic also buffeted Zilingo’s revenues.
Things reached a nadir when CEO and co-founder, Ankiti Bose, was suspended last April after an investigation into the start-up’s accounts after complaints about alleged financial irregularities were raised.
More than 100 staff left in the wake of that decision and a month later, Bose was fired, with Zilingo then stating it reserved the right to pursue appropriate legal action.
The company continued to downsize and also shed more C-suite positions, with chief financial officer Ramesh Bafna leaving last May, despite being in the role for just two months, followed by chief operating officer Aadi Vaidya.
According to Bloomberg, Zilingo’s last headcount stood at fewer than 100 staff in India, Indonesia, Sri Lanka and Bangladesh.
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