Zilingo founder Ankiti Bose alleged that co-founder Dhruv Kapoor and former COO Aadi Vaidya have engaged in deceptive activities, misleading both her and the company's investors in an attempt to gain financial advantages.
Indian-origin co-founder and CEO of Zilingo Ankiti Bose was sacked last year after alleged discrepancies in the company’s accounts.
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Bose said she is stepping down because the board has failed to show her any report pertaining to investigations into the company or into her alleged misconduct
According to the letter, the new investor will be infusing $8 million in equity in tranches. The offer further stated that pursuant to Singapore's Insolvency, Restructuring, and Dissolution Act, Zilingo will be transferred to the ownership of a newly incorporated entity.
In an Instagram post on May 27, Ankiti Bose said it was tough for her to look at her phone without choking up. “I have never experienced hate and threats of violence at this scale before," she added.
Ankiti Bose co-founded celebrated start-up Zilingo when she was just 23.
"We will pursue our rights against this witch-hunt to the full extent of the law," says ex-CEO
Zilingo’s statement comes a couple of weeks after multiple media reports said that Zilingo had suspended Bose for accounting-related issues
Directors have been talking regularly in recent days to consider the future of Bose and Zilingo itself, said the people, asking not to be identified because the discussions are private.
Ankiti Bose, Zilingo co-founder, started her career with a brief stint at McKinsey & Company in 2012 and joined Sequoia Capital as an investment analyst in 2014.
The company, which supplies technology to apparel merchants and factories, had been trying to raise $150 million to $200 million with help from Goldman Sachs Group Inc when investors began to question its finances as part of the due diligence process.