Amid Financial Investigation, Sequoia India Backed Zilingo CEO Ankiti Bose Suspended
- ByStartupStory | April 13, 2022
Amid an internal investigation into the company’s accounting practices and financials, Zilingo the B2B fashion marketplace has reportedly suspended its cofounder and chief executive officer Ankiti Bose.
According to a Bloomberg report, based on unnamed sources, the Sequoia Capital India-backed company was in the midst of new fundraising talks which led to further questions about its accounting standards and the financial practices.
Zilingo or Bose did not speak to the publication, but the report goes on to add that as part of the due diligence process, Zilingo’s investors Temasek and Sequoia had initiated the investigation into the company. The company was said to be in talks in order to raise about $150 Mn-$200 Mn at a unicorn valuation.
Raising questions about its accounting, how it recorded transactions and revenue, Sequoia and Temasek’s investigation was reportedly prompted by Zilingo’s auditor.
Bloomberg further claims that the claims of wrongdoing have been disputed by Bose and it has been alleged that her suspension was due to her complaints about harassment. According to the publication, she is said to have called the investigation a “witch hunt”.
Zilingo, founded in 2015 by Bose and Dhruv Kapoor, has developed a proprietary suite of applications that allow fashion merchants in order to access manufacturers around Asia. It also helps by enabling different procurement rates, insurances, optimised logistics services, financial services, loans and analytics for them.
Currently, Zilingo has its supply base in Singapore, Bangladesh, Thailand, Indonesia, China, Vietnam and Cambodia. Its customer base includes Indonesia, Singapore, Thailand, and also ships internationally to four more countries, including Europe, US, and Australia.
With Germany’s Burda and Sofina Capital being its other major investors, the company has raised over $308 Mn till date.
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