Ankiti Bose was an analyst at Sequoia India before she co-founded Zilingo in Singapore in 2015 with Dhruv Kapoor. Sequoia India was the first investor. She was CEO and Kapoor led technology.
Zilingo raised an $8 million Series A in September 2016, an $18 million Series B in 2017 and a $54 million Series C in 2018. In September 2019 about 80% of revenue came from B2B. That year a $226 million Series D, backed by Sequoia India, Burda Capital, Sofina and Temasek, valued the company at nearly $1 billion.
In 2020 the company closed its US and Australia offices and cut an estimated 12% of staff. On 31 March 2022 Zilingo suspended Bose as CEO after whistleblower claims of unexplained payments that she approved. On 20 May 2022 she was dismissed after a forensic investigation. The matter is disputed.
A management buyout proposal failed in 2022. In January 2023 the technology assets were sold to Buyogo, and in February 2023 the company entered liquidation.