Singapore-based e-commerce startup Zilingo’s co-founder, Ankiti Bose, has taken legal action against angel investor Mahesh Murthy over a controversial article discussing frauds in the Indian startup ecosystem. Bose filed the lawsuit on April 20, seeking an injunction to prevent Murthy from publishing any defamatory content about her, as reported by ET.
In his article, Murthy, who previously held a managing partner position in a company providing seed funds to startups in India, listed Zilingo among several startups facing allegations of fraud. Bose strongly condemned the piece, labeling it as part of a malicious media campaign aimed at tarnishing her reputation. She refuted the allegations, stating that they were completely fictitious and lacking any supporting evidence, according to the newspaper.
Ankiti Bose, 31, founded Zilingo, an e-commerce platform that connects wholesale buyers with sellers, in 2015 alongside Dhruv Kapoor. The company garnered significant recognition, making it onto Forbes’ prestigious 30 Under 30 list in 2019. During the same year, Zilingo secured a substantial funding amount of $226 million at a valuation of $970 million (Rs 7,957 crore).
Bose’s educational background includes completing her schooling at Mumbai’s Cambridge School, followed by studying mathematics and economics at St. Xavier’s College in Mumbai. She began her professional journey working for McKinsey & Company and Sequoia Capital before embarking on her entrepreneurial venture. Recognizing the challenges faced by Southeast Asia’s fashion market in terms of financing, scaling up, and transitioning online, Bose took the bold step of leaving her high-paying job at the age of 23 to establish her startup. The following year, she relocated to Singapore, where Zilingo flourished and achieved a valuation of $970 million in 2019.
In addition to her business endeavors, Bose initiated a program in Indonesia aimed at empowering women through training in clothing creation. Zilingo also set up training programs to nurture and support emerging leaders across the country.
However, in recent developments, Bose resigned from her directorships in the company and its subsidiaries last year. Prior to her resignation, she faced suspension from the company over allegations of financial irregularities, which she vehemently dismissed as a witch hunt.
Expressing her frustrations on Instagram, Bose wrote, “Over the past few months, despite my many requests, the Zilingo board has failed to show me any report (issued by Kroll or Deloitte) which pertained to any investigation into the company or into my alleged misconduct, and why or how these were used to terminate my position as CEO.”
