This article first appeared in Bloomberg on June 20, 2022.
Zilingo Pte, a Singapore-based fashion e-commerce startup, was once a symbol of innovation and ambition in Southeast Asia. Co-founded by Indian-origin entrepreneur Ankiti Bose, the company aimed to connect Asian factories with global fashion brands, creating a seamless supply chain for the booming fashion industry. With operations spanning Indonesia, Bangladesh, Sri Lanka, and India, Zilingo quickly gained attention as a rising star in the tech and business world. Bose, charismatic and confident, became a celebrated figure, often portrayed as a role model for young achievers. However, the narrative took a dramatic turn, leading to a fall from grace for both the company and its leader.
The troubles for Zilingo began with whistleblower allegations that surfaced earlier this year. These accusations pointed to discrepancies in the company’s revenue reporting, raising concerns about financial mismanagement. Investors, including Sequoia Capital India—Zilingo’s largest shareholder—acted swiftly, launching an investigation that ultimately led to Bose’s suspension as CEO. Bose, who had turned 30 shortly before her removal, publicly expressed shock and confusion over her ousting. In a video interview with The Straits Times, she lamented the damage to her reputation and the loss of her life’s work.
The company’s challenges didn’t arise solely from the allegations against Bose. Former colleagues and insiders had raised concerns about the aggressive culture and internal conflicts that plagued Zilingo. Reports suggested that Bose had warned a former colleague that leaving her side would lead to the company’s downfall—a prediction that seems to have come true in the most unfortunate way. This internal dysfunction, combined with the financial irregularities, created a perfect storm that now threatens Zilingo with liquidation.
For Bose, the collapse of Zilingo is not just a professional failure but a deeply personal one. Her meteoric rise as a female leader in the male-dominated tech and business world was a source of inspiration for many. However, the controversy surrounding her management style and financial practices has overshadowed her achievements, raising questions about accountability, governance, and trust in startups.
The saga of Zilingo serves as a cautionary tale for entrepreneurs and investors alike. It underscores the importance of robust corporate governance, transparency, and ethical leadership in building sustainable businesses. For Ankiti Bose, rebuilding her reputation and career will require addressing these issues head-on while reflecting on the lessons from Zilingo’s meteoric rise and fall.
Read more: Bloomberg
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