Singapore's B2B ecommerce startup Zilingo fires Ankiti Bose after suspension as ex-CEO vows to fight back against 'witch hunt'

Ankiti Bose (Image: @ankitibose/Instagram)

Singapore's B2B ecommerce startup Zilingo has sacked CEO Ankiti Bose in the wake of her suspension.

Confirming the termination on grounds of "insubordination" among other thing, Bose took to Instagram to say this came after 51 day suspension on the basis of an anonymous whistle-blower complaint: "I was suspended on the basis that the company had instructed Kroll to investigate the complaint. I have neither seen the Kroll nor Deloitte reports and not been given sufficient time to produce any documents requested by them."

Vowing to hit back against the "witch hunt", she added on Instagram: "Any report that comes out post my termination would be vitiated as it seems to be instructed by conflicted parties and we will pursue our rights against this witch-hunt to the full extent of the law. I will be speaking on record shortly with more details about the conflicts of interest in the manner this process was run."

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.

Also Read: Who is Ankiti Bose, the suspended Zilingo CEO who co-founded the company at 23

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.

However, the company didn't elaborate on the allegations against its Indian-origin ex-CEO.

The B2B startup offers tech platform for fashion retailers to source wholesale supplies. Zilingo has been one of the most celebrated startups of Southeast Asia.

Bose was under suspension till now, even as the board launched an audit into the accounting books, as per some news reports.

Zilingo, one of Sequoia Capital India's key investments in Southeast Asia, entered the unicorn club when it raised a $226-million funding in April last year.

According to a Bloomberg report earlier, the board of Zilingo was considering replacing her for good amid the ongoing investigation into accounting practices. Private investigative firm Kroll is conducting a probe into Zilingo’s bookkeeping.

Zilingo, which supplies technology to apparel merchants and factories, had been trying to raise as much as $200 million with the help of Goldman Sachs Group Inc. when prospective investors began to question its financial practices. The concerns swirl around how the startup accounts for revenue on a platform used by thousands of small merchants, as well as the consolidation of its Indonesia operations.