Ankiti Bose, Co-Founder and Ex-CEO of Zilingo, Gave Herself 10 Times Salary Hike Without Board Approval: Reports
The report stated that between 2017 and 2019, Bose reportedly gave herself, her co-founder Dhruv Kapoor and Chief Operating Officer Aadi Vaidya a hike of 10x, 3x and 7x, respectively.
Mumbai, April 26: The co-founder of Singapore-based fashion tech firm Zilingo Ankiti Bose allegedly gave herself a 10X salary hike without the approval of the company’s board, according to a report by Inc42. The Indian-origin entrepreneur was sacked as CEO of Zilingo last year over alleged financial discrepancies. The report added that Bose made over $10 million worth of "unexplained payments" to various vendors.
The report stated that between 2017 and 2019, Bose reportedly gave herself, her co-founder Dhruv Kapoor and Chief Operating Officer Aadi Vaidya a hike of 10x, 3x and 7x, respectively. Bose’s salary grew from SGD 5,500 in 2017 to SGD 58,900 in 2019. This surprising report comes a day after Bose filed a $100 million defamation suit against angel investor and co-founder of Seedfund Mahesh Murthy for his article in the March 1 issue of Outlook Business magazine. Murthy, in his article, referred to founders who took money out of their start-ups illegally. Alphabet CEO Sundar Pichai’s Pay Jumps to USD 226 Million in 2022 Amid Cost-Cutting.
Singapore-based fashion technology startup Zilingo suspended Ankiti Bose over alleged discrepancies in the company's accounts on April 12. Bose did her schooling in Mumbai and went to St. Xavier’s College in the city, where she studied economics. She has been featured in Forbes Asia’s 30 under 30 list and Fortune’s 40 under 40. She also made it to Bloomberg 50 list in 2019. Indian CEOs in the World: Neal Mohan Latest To Join Growing List of Indian-Origin Heads of Global Tech Giant.s
Ankiti Bose and Dhruv Kapoor founded Zilingo in 2015. The company initially supplied technology to apparel merchants and factories. Over time, it became a global supply chain for the apparel industry, financing, and other services. The company was started as a Southeast Asia-focused e-commerce firm. In 2019, the company raised $226 million in its last fundraising round in early 2019, taking its valuation to about $1 billion.
(The above story first appeared on LatestLY on Apr 26, 2023 11:30 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).