Ankiti Bose, co-founder, Zilingo, reportedly increased her salary by 10 times without obtaining consent from the board of the company. The Singapore-based fashion tech company, dismissed Indian-origin Bose as CEO last year due to suspected financial irregularities.
As per the report, Bose’s salary rose from SGD 5,500 in 2017 to SGD 58,900 (more than 10 times) in 2019. Additionally, it has been also alleged that along with Bose, co-founder Dhruv Kapoor and chief operating officer Aadi Vaidya, significantly increased their salaries to threefold and sevenfold respectively.
Last year in May, Zilingo, announced the decision to suspend Bose due to suspected inconsistencies in the company’s accounts. The decision was made by the board collectively, not by any specific investor. Bose, on the other hand, referred to her removal from the position of CEO as a ‘witch hunt’ and expressed concerns about the safety of herself and her family.
Zilingo is a B2B start-up that provides a technological platform for fashion retailers to purchase wholesale supplies. It has been recognised as one of the most notable start-ups in Southeast Asia. Bose was only 23 years old when she co-founded the company. She was also regarded as a visionary who transformed the entrepreneurial landscape in Southeast Asia, as the company’s value soared to $970 million.
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