zilingo: Timeline: How Zilingo fired the co-founder and CEO Ankiti Bose

After more than a month of dispute, Singapore-based B2B e-commerce company Zilingo
fired its co-founder and CEO, Ankiti Boseon 20 May for alleged financial irregularities.

Bose co-founded Zilingo with Dhruv Kapoor in 2015 and has been celebrated as one of the most promising founders in the tech startup ecosystem. So how did she get fired from her own company?

Here’s how the saga unfolded:

March 31, 2022: Bloomberg reports that Zilingo’s shareholders encountered alleged financial irregularities in the company’s accounts as it was raising $ 150-200 million from investors for a valuation of $ 1.2 billion. The Kroll Detective Company is appointed and an investigation is launched.

April
12: The board of Zilingo and its major investors, Capital Sequoia and Temasek, decide to suspend Bose until May 5th. Bose calls him a
witch hunt.

April 14: Two days later, Shailendra Singh of Sequoia Capital India
resign by the board of the company during the investigation.

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April 19: Zilingo’s board discusses
1 Bose as CEO, Bloomberg reports.

May 4th: The board appoints Deloitte throw a
sample in Bose’s claims of sexual harassment, which she made after being suspended.

On the same day, co-founder and chief technology officer Dhruv Kapoor
pen an internal note to the employees of the company, in defense of the company.

“You may have heard that an allegation has been made that some people in Zilingo have ‘suppressed’ reports of harassment. We have always had a culture that does not tolerate sexual harassment, workplace harassment, bullying or intimidation … In rare cases, when workplace problems have been reported, we have always followed due process and adopted strict measures, “Kapoor said in the memo, which ET saw.

May 14: Zilingo debtors
call back the entire loan, at the end of which the company appoints a financial advisor to evaluate its options.

“Due to Zilingo’s failure to comply with its previous obligations under the loan agreement, the company’s lenders have decided to speed up the repayment of the entire loan,” said a board note.

May, 20th: Zilingo fires Bose and states in a statement: “Following an investigation by an independent law firm tasked with investigating complaints of serious financial irregularities, the company decided to terminate Ankiti Bose’s employment relationship with just cause and reserves the right to pursue appropriate legal action. Actions. ”

Reacting to her dismissal, Bose says: “I was suspended because the company had instructed Kroll to investigate the complaint. I did not see either the Kroll or Deloitte reports and did not have enough time to produce the documents they requested. Any report that comes out after my dismissal, it would be flawed as it appears to have been instructed by the parties to the conflict and we will pursue our rights against this witch hunt to the fullest extent permitted by law. ”

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