The Chief Operating Officer of Zilingo, Aadi Vaidya resigned from his post six days ago on July 29, according to his Twitter. His departure is another in the high profile exits from the beleaguered company.
After 7 years at my first start up, I have decided to move on. Over the next few weeks, I will be meeting interesting people, reading, traveling and re-prioritizing. It’s been one hell of a ride and now, over to the next adventure!” wrote Vaidya on Twitter.
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His exit comes just barely two months after the exit of the company’s Chief Financial Officer Ramesh Bafna in May this year. Bafna left the company a mere two months after joining, according to startup news website Inc42. The company’s head of public relations and public communications, Naushaba Salahuddin also resigned from the company after having been suspended for questioning Zilingo’s statement on then-CEO Ankiti Bose’s firing.
Vaidya, who was seen as instrumental in righting the ship after Bose’s departure owns a 2% stake in the startup. Along with cofounder and Chief Technology Officer Dhruv Kapoor the two were handling the day to day operations of the company.
Zilingo is a fashion ecommerce startup founded by Ankiti Bose and Dhruv Kapoor. The company was initially founded as a platform for small merchants to sell their products to consumers across Southeast Asia. However, the company soon pivoted to a business to business model after they struggled to enter the market thanks to the razor thin profit margins and low average income in Southeast Asia.
The company under the leadership of Bose was able to successfully gather funding in multiple rounds, attracting some of the regions biggest investors like Sequoia Capital India, Burda Capital and Temasek Holdings. However, the company began to flounder during the pandemic as cash flow problems plagued the startup. Eventually, the company’s finances began looking suspect to investors who led their own investigations into the company which culminated in the firing of Bose from Zilingo.