Zilingo fires CEO Ankiti Bose. She responds: It was due to ‘insubordination’
May 20, 2022
2 min read . Updated: 20 May 2022, 12:29 PM IST Agencies
The startup Ankiti Bose created with Dhruv Kapoor in 2015 is now the target of an investigation into its financial practices after auditors raised questions, Bloomberg News has reported. Listen to this article
Zilingo Pte has fired co-founder Ankiti Bose, deepening a dispute over accounting practices that’s plunged the once high-flying startup into crisis and sent shockwaves through Singapore’s technology industry. The board had suspended its CEO and co-founder Ankiti Bose in March with the backing of major investors, pending a probe by an independent firm they hired. The co-founder has been locked in a feud with the board and major Zilingo investor Sequoia Capital India amid allegations of potential accounting irregularities. Bose has disputed the claims of wrongdoing. Zilingo ousted Bose “with cause" after an investigation led by an independent forensics firm into complaints of serious financial irregularities, it said in an emailed statement on Friday. Bose said in a separate statement to Bloomberg News her employment was terminated on grounds of “insubordination. "
The startup Bose is now the target of an investigation into its financial practices after auditors raised questions, Bloomberg News has reported. Creditors of Zilingo have decided to recall their loans, prompting the company’s board to appoint an independent financial adviser for options for the troubled Singapore-based fashion tech startup. Zilingo works with thousands of apparel factories and merchants in South Asia and Southeast Asia, connecting them to retailers worldwide and was valued at nearly $1 billion in its last funding round in 2019, according to sources familiar with the situation. The company was founded in 2015 by Bose and chief technology officer Dhruv Kapoor as a Southeast Asia focused e-commerce firm and then transformed into a global supply chain enabler for the highly fragmented apparel sector. It provides logistics, financing and other services to factories and merchants. Fashion technology startup Zilingo's debtholders have decided to recall their entire loan, leading the Singapore-based company to appoint a financial adviser to assess options, its board said on Friday.