Report suggests Ankiti Bose, sacked CEO of Zilingo, raised her salary by 10 times without approval
- ByStartupStory | April 24, 2023
Inc42 has reported that Ankiti Bose, the co-founder of Zilingo, a Singapore-based fashion tech company of Indian origin, allegedly gave herself a salary increase of 10 times without the approval of the board. Bose was fired from her position as CEO last year over allegations of financial discrepancies. These allegations have resurfaced as Bose files a $100 million (approximately Rs 820 crore) defamation lawsuit against investor Mahesh Murthy, who accused her of illegally taking money from a start-up.
According to a report by Inc42, Ankiti Bose, co-founder of Zilingo, along with co-founder Dhruv Kapoor and COO Aadi Vaidya, gave themselves significant pay raises between 2017 and 2019 without board approval. Bose’s salary allegedly increased from SGD 5,500 to SGD 58,900 in 2019, a more than tenfold increase. Kapoor’s salary reportedly grew threefold, while Vaidya’s increased by seven times during this period.
Ankiti Bose, who was raised in Mumbai, labeled her removal as CEO a “witch hunt” and claimed that she and her family received threats. Zilingo, a B2B startup that provides a tech platform for fashion retailers to acquire wholesale supplies, is supported by Sequoia Capital India and Temasek Holdings Pte. The company announced in May last year that the decision to suspend Bose over alleged accounting irregularities was made by the board and not by any individual investor. Zilingo is one of Southeast Asia’s most highly regarded startups.
Zilingo, established in 2015 by Ankiti Bose and Dhruv Kapoor to assist small businesses in South and Southeast Asia to sell their products online, entered the unicorn club after raising $226 million in funding in April last year. This was a significant investment by Sequoia Capital India in Southeast Asia. Bose, who was just 23 when she co-founded the firm, was considered a visionary in 2019 when Zilingo’s valuation reached $970 million after raising funds from investors such as Sequoia and Temasek. She was just 27 years old at the time and was credited with altering the entrepreneurial landscape in Southeast Asia.
Calling all entrepreneurs, investors and business owners! The wait is finally over. The 2nd edition of Startup Story B2B Connect is back with a bang – and this time, we’re taking it up a notch. With more startups, more investors and bigger opportunities than ever before, this is your chance to connect, collaborate and take your business to the next level. Get ready for an unforgettable networking experience that’s set to change the game. Stay tuned for all the exciting updates! Register Now Here.
Follow Startup Story
Related Posts
