Singapore's B2B E-commerce Startup Zilingo Fires CEO Ankiti Bose

Singapore-based fashion technology startup Zilingo on Friday said it has 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 Pte, had said on May 2 the decision to suspend 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 Bose made certain harassment-related allegations only after she was suspended on 31 March and no past or present investor nominees on the board were made aware of the harassment claims prior to that.

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

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

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

(With inputs from PTI)