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Zilingo CEO Ankiti Bose dismissed over complaints of irregularities

Singapore-based fashion technology startup Zilingo on Friday said that it had sacked co-founder and CEO Ankiti Bose following an independent forensic audit into complaints of serious financial irregularities. 

Zilingo, backed by Sequoia Capital India and Temasek Holdings, had said on May 2 that the decision to suspend Ms Bose over alleged discrepancies in the firm’s accounts was taken jointly by the board and not by any individual investor. 

After receiving certain complaints of a serious nature, the board placed the CEO on suspension pending a full investigation,” the Singapore-based fashion technology startup had said. 

Zilingo had added that Ms Bose made certain harassment-related allegations only after she was suspended on March 31 and no past or present investors’ nominees on the board were made aware of the harassment claims prior to that. 

On March 31, Ms Bose was placed under suspension following complaints of alleged discrepancies in the company accounts. 

The firm, however, did not elaborate on the allegations against Ms Bose or the findings of the audit. It said that Ms Bose made certain harassment-related allegations only after she was suspended on March 31 and an investigation had concluded that the firm took appropriate action. 

Zilingo was founded in 2015 by Ankiti Bose and Chief Technology Officer Dhruv Kapoor. 

The company, which counts Singaporean State holding company Temasek and Sequoia Capital among its investors, had previously stated that its shareholders and board members received the information of discrepancies that needed investigation, after which, major investors were authorised to suspend Ms Bose. 

According to reports, Bose has disputed allegations of wrongdoing. She has further contended that her suspension was due in part to her complaints about harassment. 

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