'This is my life, this is my reputation': Zilingo's ex-CEO Ankiti Bose speaks out after her firing
Choo Yun Ting
Business Correspondent
MAY 28, 2022
SINGAPORE - A week after she was
fired from fashion e-commerce platform Zilingo, co-founder and former chief executive Ankiti Bose continues to refer to it as her "baby".
"Not a day in the last six and a half, almost seven, years has been a holiday. It's been, you know, all about this baby. Mine," she said.
"So it's been incredibly hard, and I don't know if I'm going to get all the answers."
In an interview with The Straits Times last Thursday (May 26), Ms Bose spoke of her sense of loss after being kicked out of the company she started, and how she wanted to find answers.
On March 31, the 30-year-old was
suspended from her duties at Zilingo after shareholders and the company's board received complaints of alleged financial irregularities.
On May 20, Zilingo said she had been fired following an investigation into the complaints and that it "reserves the right to pursue appropriate legal action".
The start-up was co-founded in 2015 by Ms Bose and Mr Dhruv Kapoor, the company's chief technology and product officer, and
attracted investors such as Sequoia Capital India, Burda Principal Investments and Singapore state investor Temasek.
Over the years, the young, eloquent Ms Bose became the face of Zilingo, appearing at global conferences alongside established industry peers. She was featured in Fortune's 40 Under 40 in 2019 and, together with Mr Kapoor, made Forbes Asia's 30 Under 30 list in 2018.
In a 90-minute interview at her apartment in central Singapore, she appeared confident as she talked about her desire to defend her reputation and how she was determined to communicate with the company's stakeholders.
On her sacking, which she found out via an e-mail sent to her from the company, she said it came as a surprise.
"I was keen to have more conversations and provide more explanation... about what was going on," she said.
Ms Bose, an Indian national and a Singapore permanent resident, said she has yet to see the report from the investigations commissioned by Zilingo to look into claims of financial irregularities.
Her termination letter also cited "insubordination" as one of the reasons for her firing, she said.
"I have still not seen the report used to terminate me or had a chance to contest it," she said.
She added that she has been spending time trying to speak with shareholders and ex-colleagues to understand what is going on with the company.
Ms Bose said she has not been allowed to speak with shareholders, whom she said she was "very, very close to", over the past two months. Her recent communications with the company and its board have largely been through legal representatives.
"People keep asking me, why are you fighting so hard to find answers? But you know, I just turned 30, this is my life, this is my reputation. This is everything to me. It means more than anything else for me to speak to my shareholders and my stakeholders and my employees, to understand what has happened and explain my position."
She added: "I think it's important that we also think in a way that is constructive and reconciliatory between stakeholders so that we might do what's good for the company and its hundreds of employees. I don't know if that's possible, but I hope so."
An only child, Ms Bose grew up in Mumbai, where she attended RN Podar School, a private secondary school, and St Xavier's College, a private autonomous higher education institution, where she studied economics.
She started her career at consultancy firm McKinsey & Co in Mumbai before moving to Sequoia Capital's office in Bangalore. She left the venture capital company to start Zilingo with Mr Kapoor.
She has been living in Singapore for the past four years and her parents are currently living with her in her rented apartment, a spacious unit with furnishings in neutral tones of white, grey and brown. She declined to have her home photographed.
In an Instagram post last Friday, Ms Bose said she had to deal with hate messages and threats of violence, and that her personal photos and other documents may have been improperly accessed and circulated on the Internet.
She told ST she barely left her apartment during the period she was suspended other than to take occasional walks. She spoke to her lawyers mostly through video-conferencing or e-mail.
"I've barely slept in the last two months," she added.
Asked about the alleged financial irregularities surrounding Zilingo, she said the pandemic was a tough period for the start-up and it had to take the difficult decision to restructure some of its teams.
She had been aware there were delays in its financial reporting. Regulatory checks show the start-up last filed financial statements for 2019.
Zilingo had a finance team of over 20 people as well as a Big Four firm auditor and Big Four adviser, she said.
"While I was still CEO, we were waiting for the proper advice from them on how to take things forward," she said. "I couldn't touch the accounts since I'm not a qualified chartered accountant."
Zilingo co-founder and former chief executive Ankiti Bose spoke of her sense of loss after being kicked out of the company she started, and how she wanted to find answers. ST PHOTO: FELINE LIM
She said it is common for many start-ups to be late in filing their accounts and it was a particular struggle in 2020 and 2021 given the pandemic, but "it's not an excuse".
She said she is in the dark about where the company is headed, but she meanwhile retains an 8 per cent stake in the firm, the same as Mr Kapoor.
Asked what her next steps are, she said: "I think I would love to still see what is the best thing that can be done for the company in this current situation."
Hundreds of people have spent countless sleepless nights to build the company, she said.
"I want to be positive, but I think it's important for me to find out what happened and try to help... to steer the ship forward," she said.