The CEO of the Singapore based start-up, Zilingo, Ankiti Bose is set to be forced out of the company temporarily has many doubts have been raised with respect to the company’s funding and accounting.
Zilingo is tech and commerce platform that is another player in the world of fashion. The company’s head office was set up in the tiny island nation of Singapore and the start-up was founded seven years ago back in 2015. The company currently runs operations in Singapore and other south east Asian countries like Thailand, Malaysia, The Philippines and even India, Australia and the United States of America. The company recently received the status of Unicorn as hit the $1 billion USD mark sometime last year.
Over the past two to three months, the company has been focussing on trying to get new investments of around $150 million USD to $200 million USD with the help and adjudication of finance company Goldman Sachs.
But, unfortunately, during the multiple meetings between the two companies, many doubts arose pertaining their previous finances and there seems to be something unethical that went on during the process. However, the public does not know as to what exactly went on as all parties have agreed not to reveal the exact specifics of the controversy. If the meetings and plans went according to their plans, the company would have gone past the unicorn status much earlier.
Temasek Holdings and Sequoia Capital India, which are the largest funders and stake holders of the Singaporean company have initiated a probe in to the company to figure what exactly happened and what is currently going on.
According to sources, Zilingo did not failed to file their financial statements from the fiscal year of 2018-19 and hence even the Singaporean government is not aware about their exact finances, purchases and revenues over the past three to four years.
The chief executive officer of the company, Ms. Bose has obviously denied any mistakes on her part people close to her have come public about her ongoing issues of harassment she faces.
Xu Wei Yang and Albert Shyy used to work on the board of the company but left the company due to this exact same issue.
These controversies along with three of the top brass leaving the company comes in a very difficult time as the company is looking to expand operations to different countries after the coronavirus.