Ankiti Bose, the Indian founder and CEO of Singaporean B2B fashion e-commerce firm Zilingo, has been suspended after irregularities in the company’s accounting were allegedly uncovered during a due-diligence process for a fresh fundraising round, according to reports.
According to the reports, Bose has denied the charges and has challenged her suspension, calling the firm’s move a “witch hunt” sparked by harassment complaints she filed against a corporate investor. Her ban is currently in effect until May 5.
Ankiti Bose Zilingo:
The company, which provides expertise to clothing retailers and factories, was attempting to raise $150 million to $200 million with help from Goldman Sachs Group Inc. when traders began questioning its funds as part of the due diligence process, according to the individuals, who asked not to be identified because the information is confidential. The discussions, which could have raised Zilingo’s valuation to more than $1 billion, reportedly stopped.
Reportedly, the startup’s investors, which include Temasek Holdings Pte and Sequoia Capital India, have launched an investigation into the company’s financial procedures. They mentioned that Zilingo’s auditor had raised concerns about its accounting. The problems revolve around how Zilingo, which regulators say hasn’t produced annual financial statements since 2019, accounted for transactions and income across a platform that includes hundreds of small businesses.
Other female entrepreneurs who have recently courted controversy include:
Elizabeth Holmes- Theranos
Elizabeth Holmes, the former CEO and founder of Theranos, was found guilty of four counts of misleading investors in January 2022 and faces up to 20 years in jail. The trial revealed more details about Theranos’ downfall, with prosecutors accusing Holmes of destroying evidence during the company’s final days. When testifying in her own defense, Holmes admitted to flaws in Theranos’ operation but maintained that she never willfully deceived patients or investors.
Suggested Reading: Who Is Ankiti bose? Singapore Tech Company Suspends CEO Amid Financial Investigation
Beatrice Dixon- Honey Pot Firm
In February and March 2020, the Honey Pot Firm was embroiled in a controversy sparked by a Target commercial in which its founder, Beatrice Dixon, stated that it was critical for her company to succeed. The commercial, which aired on February 4, was for both Black and Women’s History Months and was part of Target’s ‘Founders We Believe In’ ad series. The commercial starring Dixon was meant to highlight and promote black women entrepreneurs, but some people deemed it “racist” and began leaving negative evaluations of her goods online. Many people felt Dixon was implying that her product was only for black people.