Ankiti Bose – Co-founder – Zilingo rose from analyst roles to lead a fast-growing tech firm that reshaped parts of the apparel supply chain.
The company began as a fashion marketplace idea sparked in Bangkok’s markets and grew into a Singapore-based B2B platform serving merchants and brands. Its rapid expansion drew investors and media attention as operations scaled across regions.
At the same time, a major funding push and later due diligence brought questions about accounting and revenue. That shift changed the narrative around leadership, governance, and board dynamics.
This short leadership profile looks back in time at documented events. It balances growth, the role of technology, and the governance issues that shaped the company’s story and the co-founder’s path as a prominent woman in tech.
Key Takeaways
- A friendly, factual view of ankiti bose as a former ceo and co-founder of a fast-scaling company.
- The business grew from a fashion idea into a tech-driven firm serving merchants and brands.
- Rapid expansion and a large funding attempt preceded scrutiny of accounts and revenue.
- Board dynamics and governance became central to later developments and resignations.
- The profile focuses on verified information, media reports, and the broader business context.
Lede: A career in fashion tech under scrutiny and transition
Transparency concerns at the board level prompted a high-profile resignation and strategic scramble.
ankiti bose publicly resigned from all company directorships, saying the board withheld key investigation reports and related statements about alleged misconduct. She added she lacked access to vital information as a director and shareholder.
On June 20 the board members convened a critical meeting to weigh options. The zilingo board considered liquidation, a Deloitte LLP asset‑sale plan, or a management buyout as paths forward.
Advisors presented a report that sketched an asset-sale route. At the same time, co-founder Dhruv Kapoor made a last‑minute management buyout pitch to investors and the board.
People close to the process told the media the move followed an earlier suspension of the ceo, triggered by funding due diligence. An officer role and management control were in dispute as stakeholders weighed outcomes.
“I was not given the reports or the information,” bose said.
The meeting highlighted strained governance, urgent liquidity choices, and how decisions by a few can affect employees, creditors, and market perception.
From analyst to entrepreneur: the rise of Ankiti Bose and Zilingo
A work history in consulting and venture investing set the stage for a rapid move into retail tech entrepreneurship.
Early career roles at McKinsey & Company and Sequoia Capital in Bangalore gave practical skills in strategy and product evaluation. This background shaped a founder approach that mixed data with field visits.
Chatuchak spark and merchant-first thinking
A trip to Bangkok’s Chatuchak Weekend Market revealed how many small sellers lacked online tools. That moment inspired an e-commerce model built around merchant vetting and practical services.
Founding, funding, and growth
She and co-founder dhruv kapoor pooled savings to start the company in 2015. Early backing from Sequoia Capital India accelerated onboarding, product development, and regional reach.
- Services: tech support, financing, insurance, commission model (10%–30%).
- Focus: fashion-led cataloging, pricing integrity, cross-border logistics.
| Metric | 2019 | Notes |
|---|---|---|
| Active users | 7,000,000+ | High consumer engagement |
| Merchants | 27,000 | Across 15 regions |
| Employees | 500+ | Eight locations |
| Funding | $308M | Investor interest and rising valuation |
“The platform promised scalable solutions for merchants and partners.”
Ankiti Bose – Co-founder – Zilingo: investigations, suspension, and firing
Due diligence tied to a potential $150–$200 million raise prompted detailed checks of accounting and revenue recognition. Auditors and investors raised questions about how transactions were recorded across thousands of small merchants and how revenue was reported.
Funding talks, due diligence, and questions on accounting and revenue
The funding process exposed gaps in financial controls. Regulators noted the company had not filed annual statements since 2019, which intensified scrutiny over time.
Auditor concerns, media reports, and board actions over time
Media coverage and reports described auditor concerns and evolving narratives about accounting practices, compensation, and management style. The board and external advisors reviewed findings as options were weighed.
Bose said harassment complaints and called the probe a “witch hunt”
On March 31, 2022 the ceo was placed on suspension pending an investigation. By May 20, 2022 the officer role was terminated.
“I disputed wrongdoing,” bose said, alleging harassment and calling the probe a “witch hunt.”
She retained counsel to respond to statements and findings. The investigation involved people across governance and external advisors, and the rapid move from due diligence flags to suspension and firing shaped the company’s next steps.
Stakeholders, board dynamics, and valuation pressures
Investor debate and director deliberations defined the next phase of the company’s fate.
Key backers such as Temasek and Sequoia Capital India were central to outcome discussions. These investors and other board members weighed options as funding momentum stalled under accounting questions and reported irregularities.
Who shaped the decisions
The zilingo board convened a critical meeting where advisors presented paths that could protect value.
- Temasek, Sequoia and other investors influenced strategy and timing.
- Board members evaluated legal, financial, and operational risks tied to valuation and liabilities.
Deloitte, the buyout pitch, and investor reactions
Deloitte LLP outlined an asset-sale process, showing how structured sale terms might preserve enterprise value while addressing creditor claims.
A last-minute management buyout from dhruv kapoor added an alternative for investors to assess against a conservative sale or liquidation.
“Valuation hopes were reset after due diligence raised accounting questions,” said reports in the media.
| Stakeholder | Role | Impact |
|---|---|---|
| Temasek | Investor / board influence | Shaped strategic options and timing |
| Sequoia Capital India | Investor / advisor | Pressed for clarity on accounting and valuation |
| Deloitte LLP | Advisor | Proposed asset-sale path to limit liabilities |
| Management (dhruv kapoor) | Buyout proposer | Offered continuity option; required investor backing |
Members across the stakeholder map — investors, creditors, and employees — weighed reports, timing, and the company’s tech complexity when judging potential buyers.
The board’s role was clear: review documentation, guide communications, and balance fiduciary duties while navigating intense media scrutiny and divergent investor views.
Conclusion
A balanced conclusion: a startup that married fashion insight with tech solutions grew fast, then faced sharp questions about accounting and revenue as funding talks advanced.
Board members, investors and advisors reviewed reports and debated asset-sale or buyout paths at the critical meeting. Media coverage and due diligence shaped the public story while people close to the company weighed transactions, statements and next steps.
With Sequoia Capital among early backers, the firm’s years of e-commerce growth created both value and complexity. Investigation sequences, allegations and a CEO suspension led to resignations — and to continued uncertainty. In the end, the company’s future will hinge on funding access, clear accounting and restoring trust as the process moves forward; bose said she disputed wrongdoing in part.
FAQ
What led to the leadership change at the fashion tech firm?
The company faced investor questions after due diligence flagged discrepancies in reported revenue and accounting practices. That scrutiny, combined with board investigations and media attention, prompted a review of management and ultimately a change in the executive team.
Why did the director resign amid board discussions about the company’s future?
The director stepped down as the board debated options such as liquidation, asset sale, or a management buyout. Persistent tensions between investors, board members, and senior management made continued leadership untenable during the review process.
How did the platform grow from a market stall idea into a global technology business?
The founder parlayed early market learnings into a B2B and e-commerce platform aimed at merchants, scaling through product development, partnerships, and rounds of funding that targeted expansion into multiple markets and revenue channels.
What role did early employers and seed investors play in the startup’s rise?
Experience at strategy firms and connections with prominent venture investors helped shape the business model and attract early funding. That backing provided capital for product development, merchant onboarding, and initial international growth.
What triggered the formal investigation into the company’s operations?
Investor-led due diligence raised concerns about accounting entries, revenue recognition, and related-party transactions. External auditors and independent reviews were brought in to examine these matters more closely.
Were there allegations beyond financial irregularities?
Alongside financial questions, there were reports of workplace complaints. One executive described some internal probes as politically motivated, while the board maintained that investigations were necessary to protect stakeholders.
How did major investors respond to the unfolding issues?
Large shareholders engaged legal and financial advisers, weighed governance remedies, and evaluated rescue or exit options. Some pushed for management changes, while others explored structured buyout proposals to preserve value.
What options did the board consider to resolve the crisis?
The board reviewed several routes: a managed sale of assets, liquidation of operations, or a management buyout backed by new investor commitments. Each option carried trade-offs for creditors, employees, and remaining shareholders.
Did auditors or advisors play a role in the outcome?
Yes. External auditors and advisers were central to verifying financials and advising the board. Their findings influenced investor confidence and shaped recommended courses of action.
How did this episode affect merchants and platform partners?
Merchants faced uncertainty about payout timing, fulfillment, and ongoing support. Some sought alternative channels while others awaited clarity from new management or asset buyers before deciding to stay.
Are there ongoing legal or regulatory consequences?
Investigations and internal reviews can lead to follow-up audits, regulatory inquiries, or litigation. The exact legal outcomes depend on the findings of auditors and any regulator decisions.
What lessons can founders and investors take from this situation?
Maintain transparent accounting practices, ensure strong governance, and act quickly when discrepancies arise. Clear communication with investors, board members, and partners helps manage risk and preserve trust during crises.