Singapore Based Fashion Startup Zilingo Suspends Its Indian-Origin CEO Ankiti Bose. Here's Why
Singapore-based fashion technology startup Zilingo said yesterday that it had suspended its Indian origin CEO and co-founder, 30-year-old Ankiti Bose. This move was related to an investigation into the company's accounts,
The board of Singapore-based fashion technology startup Zilingo said yesterday that it had suspended its CEO and co-founder, Ankiti Bose.
This move was related to an investigation into the company's accounts, as per what sources told Reuters.
ForbesIndia
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Concerns About Company's Accounts & Non-Filling Of Returns
Fashion company Zilingo, which is backed by investors including Temasek Holdings and Sequoia Capital India, reportedly said in a statement that its shareholders and board members had received information last month that required investigation.
After that, the major investors authorised Zilingo's board to suspend CEO Ankiti, pending an investigation of the ¡®matters¡¯ raised, the company's statement said.
Zilingo also said "The major investors hired an independent firm to investigate the matter, and the company is working closely with the major investors and the independent firm for the investigation¡±.
Sources familiar with the matter reportedly said investors Temasek and Sequoia had raised concerns about Zilingo's accounts to the company's board last month. .
According to publicly available records on Singapore's accounting regulator's website, Zilingo has not filed annual returns for 2020 and 2021 so far.
A lawyer for the ousted CEO said that she reportedly declined to comment on her suspension or the investigation.
Entrepreneur
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More About Zilingo
About seven years ago, Zilingo was founded in 2015 by Ankiti Bose and CTO Dhruv Kapoor, as a Southeast Asia focused e-commerce firm. The group has gradually become a global supply chain enabler for the apparel industry, providing logistics, financing and other services to thousands of factories and merchants.
Ankiti Bose had co-founded Zilingo as a 23-year-old, and scaled it up rapidly, styling herself as a role model for young entrepreneurs seeking to build a global business, as per Reuters.
Zilingo, which says it employees about 600 people in eight countries, had raised $226 million in early 2019 in its last fundraising round, which had valued the company at about $1 billion.
The company has said its sales volume is more than $1 billion annually.
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