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<keyword id="4990697" type="General" weightage="20" keywordseo="Burda-Principal-Investments" source="Orion">Burda Principal Investments</keyword>, one of the leading investors in Singapore-based fashion startup <keyword id="3131383" type="General" weightage="20" keywordseo="Zilingo" source="Orion">Zilingo</keyword>, has backed the action against its founder and CEO <keyword id="1341941" type="General" weightage="20" keywordseo="Ankiti-Bose" source="Orion">Ankiti Bose</keyword>, hinting that legal action against the ousted founder may be on the anvil. Burda Principal Investments (BPI), a division of Europe-based Hubert Media Group, said in a statement that "signficiant irregularities in reporting to investors" led to Zilingo's failure. "Kroll Inc was jointly hired by the main investors to examine this case and the investigations on financial irregularities have been completed," said the investment firm. Hinting at impending legal action, Burda added: "As the investors are still considering options for legal action, please consider we cannot comment on any details from the report or share any further information at the moment." The statement came in the wake of a report by leading startup coverage portal Inc42 last week, revealing fresh explosive revelations around the financial wrongdoings undertaken by Bose including $10 million (Rs 80 crore) dubious and unexplained payments, submitting conflicting revenue figures to shareholders and a 10x increase in her salary without Board approval. Bose has also filed a $100 million defamation suit in Bombay High Court against prominent investor and co-founder of Seedfind, Mahesh Murthy, for an article he wrote in a leading business magazine. Bose was quoted as saying that the $100 million lawsuit was filed taking into account her balance of equity in Zilingo and "the losses that statements like this can affect future endeavours." The lawsuit is currently in the pre-admission stage, according to reports. Earlier, Singapore's state-owned investment fund Temasek had backed the action against the founder, saying "We expect our portfolio companies to abide by the sound corporate governance and codes of conduct and ethics. We are, therefore, in support of the board's investigation into the complaint as a part of good governance to safeguard the interests of the company." During the period of investigation, the Board of Zilingo had issued a statement stating, "Contrary to claims that have been circulating in the media, this decision (suspension) was taken jointly by the Board and the relevant shareholders pursuant to pre-agreed shareholder voting rights, and does not reflect the decision of a single shareholder." In March last year, Zilingo suspended 30-year-old CEO Bose over complaints about alleged financial irregularities. Following an investigation led by an independent forensics firm, the startup had decided to terminate Bose's employment. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/filmfare-awards-2023-gangubai-kathiawadi-makes-a-clean-sweep/slidelist/99833037.cms">Filmfare Awards 2023: Gangubai Kathiawadi makes a clean sweep</a> <a href="https://www.businessinsider.in/careers/news/these-qualifications-will-help-you-snag-the-best-tech-jobs/slidelist/99838842.cms">These qualifications will help you snag the best paying tech jobs in BFSI sector</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-19-in-q1-2023-5g-smartphones-share-increases/articleshow/99815120.cms">Three out of five smartphones sold above ₹45,000 in India were iPhones between Jan-March: Counterpoint</a>

Significant irregularities in reporting to investors led to Zilingo's failure: Investor Burda

<ul class="summary-list"><li><keyword id="13616941" type="UNKNOWN" weightage="60" keywordseo="zilingo" source="Orion">Zilingo</keyword>'s board members have suspended CEO Ankiti Bose amid a financial probe, reports say.</li><li>Investors are concerned with the <keyword id="11897892" type="UNKNOWN" weightage="60" keywordseo="startup" source="Orion">startup</keyword>'s accounting practices, Reuters and Bloomberg reported.</li></ul>A fashion e-commerce startup in Singapore valued at $970 million has suspended its CEO after investors launched a probe into the company's accounting practices, Bloomberg and Reuters reported this week, citing unnamed sources.Ankiti Bose, 30, cofounded Zilingo in 2015 with Dhruv Kapoor. In 2019, Zilingo raised $226 million from its investors, which pushed its valuation to $970 million, per <a href="https://www.bloomberg.com/news/articles/2022-04-12/singapore-s-zilingo-is-said-to-suspend-ceo-amid-investigation">Bloomberg</a>. On Wednesday, Zilingo said its board members decided to suspend Bose as an investigation into "matters" is underway, Reuters <a href="https://www.reuters.com/world/asia-pacific/board-singapore-startup-zilingo-suspends-chief-executive-pending-probe-2022-04-13/">reported</a>.The company did not specify the focus of the probe to Reuters, but unnamed sources told Reuters and Bloomberg the probe is related to the company's financial and accounting practices. These include how the startup was keeping records of transactions and revenue, sources told Bloomberg. The company has avoided filing annual financial statements since 2019.Bose and cofounder Kapoor met in Bengaluru, India, in 2014 where they shared an idea to help small players to produce, source for, and trade fashion apparel. They made Singapore the company's base, Bloomberg <a href="https://www.bloomberg.com/news/articles/2019-02-12/this-near-1-billion-startup-is-led-by-a-27-year-old-female-ceo">reported</a> in 2019. The investigation and Bose's suspension threaten to derail Bose's push to have the startup she cofounded reach unicorn status.Big-name Zilingo investors Temasek Holdings and Sequoia Capital first raised concerns to its board last month, sources told Bloomberg and Reuters."The major investors hired an independent firm to investigate the matter, and the company is working closely with the major investors and the independent firm for the investigation," Zilingo said in a statement to Reuters.Bose disputed Zilingo's board's decision to suspend her and called it a "witch hunt," according to a correspondence seen by Bloomberg. The outlet was the first to report on Bose's suspension. "We are of the view that our client's suspension has been procured by invalid and defective means; that the investigation commenced into her is unfair and lacking in due process, and that she has been suspended without proper and reasonable cause," Bose's lawyer told Bloomberg.A Zilingo spokesperson declined to comment when approached by Insider. Bose and her lawyer did not immediately respond to Insider's requests for comment.Zilingo has offices in Singapore, the Philippines, Vietnam, Thailand, Cambodia, and India, per Bloomberg. In 2020, the company laid off dozens of employees from its 900-strong workforce as <keyword id="11906677" type="UNKNOWN" weightage="60" keywordseo="southeast-asia" source="Orion">Southeast Asia</keyword> enforced COVID lockdowns, according to a company <a href="https://zilingotrade.com/en-th/blog/BLGCOMPANYANNOUNCEMENT">blog post</a> and a previous Bloomberg <a href="https://www.bloomberg.com/news/articles/2020-07-09/zilingo-cuts-12-more-jobs-as-online-fashion-shopping-plummets">news report</a>.As these economies reopen, Zilingo is forecasting better financials in the fiscal years to come. In late 2021, it predicted that core net revenue would rise from about $40 million for that fiscal year, to about $60 million in fiscal year 2022, according to documents seen by Bloomberg.

A $970 million fashion e-commerce startup in Singapore has suspended its CEO in financial probe: reports

<ul class="summary-list"><li>VC firm <keyword id="13647765" type="UNKNOWN" weightage="60" keywordseo="sequoia-capital-india" source="Orion">Sequoia Capital India</keyword> has spoken out about fraud allegations at multiple <keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups" source="Orion">startups</keyword> it's backed.</li><li>The firm said it was difficult to conduct due diligence on early-stage businesses.</li></ul><keyword id="11904329" type="UNKNOWN" weightage="60" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword> India, a major investor in Southeast Asian startups, has said due diligence on early-stage startups is tough as four of its portfolio companies face fraud or misconduct allegations.<a href="https://india.sequoiacap.com/build/corporate-governance-the-cornerstone-of-an-enduring-company/">In a blogpost not attributed to a particular author</a>, the firm said: "Recently some portfolio founders have been under investigation for potential fraudulent practices or poor governance. These allegations are deeply disturbing."The post added: "It is easy to think of this issue as ascribed to poor due diligence. But let's remember that when investments are made at seed or early stage there is hardly a business to diligence. Even later stage investors can face negative surprises, post investment, if there is willful fraud and intent."<keyword id="12116150" type="UNKNOWN" weightage="60" keywordseo="sequoia" source="Orion">Sequoia</keyword> didn't name check any firms, but one of these negative surprises has been <a href="https://www.businessinsider.com/zilingo-ceo-suspended-accounting-probe-singapore-startup-report-2022-4">Zilingo</a>, a Singapore-based fashion e-commerce startup first backed by Sequoia in 2015 and estimated to be worth $970 million. <keyword id="13616941" type="UNKNOWN" weightage="60" keywordseo="zilingo" source="Orion">Zilingo</keyword> earlier this month suspended its cofounder and CEO Ankiti Bose amid a financial probe into its accounting practices. A lawyer acting for Bose called her suspension "unfair" in <a href="https://www.bloomberg.com/news/articles/2022-04-14/sequoia-s-singh-leaves-zilingo-board-amid-accounting-probe">a statement to Bloomberg</a>.Sequoia and another backer, Temasek, raised their concerns with Zilingo's board. Sequoia's Shailendra Singh subsequently resigned as director of Zilingo's board, Bloomberg reported.Three other Sequoia-backed startups are also under scrutiny.In mid-March, Indian news media reported that EY India was investigating social e-commerce platform <a href="https://inc42.com/buzz/trells-founders-under-scrutiny-for-financial-irregularities/">Trell</a> for alleged financial irregularities. The same month, <a href="https://economictimes.indiatimes.com/tech/startups/tax-officials-raid-zetwerks-offices-founders-homes-suspecting-tax-evasion/articleshow/90293975.cms?from=mdr">Zetwerk Manufacturing</a> was reportedly raided by Indian tax officials over alleged tax evasion concerns. Also in March, financial platform <a href="https://www.businessinsider.in/business/startups/news/ashneer-grover-loses-singapore-arbitration-bharatpe-probe-to-continue/articleshow/89887218.cms">BharatPe's</a> cofounder Ashneer Grover was <a href="https://techcrunch.com/2022/03/01/bharatpe-founder-ashneer-grover-siphoned-off-money-fintech-startup-says/">accused of misappropriating funds</a> by the firm and quit as CEO. Sequoia in its post called for better "guardrails" for the startup ecosystem, such as agreeing new rules around corporate governance, and said startup "boards can only work with the information shared with them" to uncover wrongdoing.Sequoia's post highlights the risks of investing in early-stage startups, where <keyword id="11897927" type="UNKNOWN" weightage="60" keywordseo="venture-capital" source="Orion">venture capital</keyword> firms plow cash into unproven companies, often trusting in a founder's vision more than the solidity of their business model. The firm wrote that a startup's board "is not responsible to investigate on an ongoing basis" for potential bad behavior unless it's explicitly flagged up.But some regional investors shot back at suggestions that the wider ecosystem was at fault."Sequoia India, caught with their pants down with 4 portfolio companies. Decides to blames the 'eco-system,'" wrote Sam Gibb, managing partner of Singapore-based fintech investor Resolution Ventures, <a href="https://twitter.com/samngibb/status/1515837214499827714">on Twitter</a>. He said that bigger investors encourage a "growth-at-all-costs" mentality at startups, leading founders to step "over gray lines" to hit metrics."The interests of career VCs (where a bulk of remuneration is fixed) diverge from founders as status is more important to them than building lasting economic value," he wrote.Sequoia could not be reached over the phone for further comment.

Big-name investor Sequoia says startup due diligence is hard as 4 of its Asian portfolio companies face allegations of fraud or misconduct

New Delhi, Dec 17 () Singapore-based fashion start-up Zilingo on Tuesday said it has acquired nCinga Innovations in a USD 15.5 million (about Rs 110 crore) cash and stock deal.
 The acquisition will drive the adoption of the manufacturing execution system (MES) software across Zilingo's global network of 6,000 factories and 75,000 businesses, enabling access to previously untapped markets, according to a statement.
 An addition to Zilingo's technology stack, the MES software automates operations on the factory floor by enabling access to real-time data on the go, it added.
 "The acquisition will bring added features to the company's customers in the United States, Europe and Australia, where brands traditionally lack transparency over supply chain and manufacturing processes," it said.
 Founded in 2015 by Ankiti Bose and Dhruv Kapoor, Zilingo has developed software solutions to allow vendors to access factories in different countries, and also help with cross-border shipping and inventory management.
 "What excited us about the nCinga product was their ability to dramatically improve efficiency and drive insights by digitising the shop floor -- we have partnered with them for a long time and their work has been crucial to our mission of creating a transparent, sustainable, economically viable and socially responsible apparel supply chain," Ankiti Bose, co-founder and CEO of Zilingo, said.
 The statement said Zilingo plans to leverage its global manufacturer network to increase distribution of the software -- specifically for core fashion manufacturing markets such as Bangladesh, India, Vietnam, Indonesia, Thailand and Turkey, among others. SR HRS

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Significant irregularities in reporting to investors led to Zilingo's failure: Investor Burda

IANS

A $970 million fashion e-commerce startup in Singapore has suspended its CEO in financial probe: reports

Weilun Soon

Big-name investor Sequoia says startup due diligence is hard as 4 of its Asian portfolio companies face allegations of fraud or misconduct

Weilun Soon

Zilingo acquires Sri Lanka-based nCinga Innovations for USD 15.5 mn

PTI

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