Zilingo CEO suspended amid financial probe
Singaporean B2B fashion e-commerce firm Zilingo has suspended its CEO, Ankiti Bose, after the company’s capital-raising plan led to questions about its accounting practices, according to Bloomberg.
Bose, who is also the founder of Zilingo, will be facing suspension until May 5. The move came after Zilingo aims to raise US$150 – 200 million from investors with support from Goldman Sachs Group. Questions were raised about the company’s finances during the due diligence process.
According to the report, the fund would increase Zilingo’s valuation to more than $1 billion, if successful. The company secured $226 million in its Series D round in 2019 led by Sequoia Capital and Singapore’s sovereign fund Temasek Holdings.
An investigation into the company’s finances was launched by investors, including Temasek and Sequoia Capital India. Regulators said it had not filed annual financial statements since 2019.
Bloomberg reported that Bose has denied allegations of wrongdoing and contends her suspension was due in part to her complaints about harassment.
Founded in 2015 by Bose with Dhruv Kapoor, Zilingo has operations across Indonesia, Hong Kong, Thailand, the Philippines, Australia, India and the US.
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