Singapore's Zilingo is a fashion and e-commerce startup that was in the running to be one of the region's next unicorns. They were looking to raise $150M–$200M in a new funding round that would push it to over $1B.

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😱  Suspensions don't just happen at school

Now, their Co-founder and CEO, Ankiti Bose, has been suspended. Who's Zilingo, and what happened?

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👗🛍  What's the biz?

They're a B2B marketplace that connects wholesale buyers with sellers globally.

• Products include fashion, lifestyle, furniture, home goods, office supplies, fabric and more.

They also offer solutions for businesses in the industry, spanning three main areas:

Z Marketing. They help online and offline merchants increase sales through marketing, content production, design and distribution strategies.

Z Sourcing. Buy products for your business from distributors, manufacturers and brands wholesale.

Z Fintech. Access loans for working capital through installments and revolving credit to grow and scale your business.

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🤐  The issue

What's with the accounting? In between the talks for new cash, Zilingo's investors have launched an investigation into the startup's financials.

• In the due diligence process, complaints about discrepancies in the company's accounting records and mismanagement were raised.

It's mainly about the startup's transactions and revenue across the Zilingo platform, which has thousands of small merchants.

• Regulators say Zilingo hasn't filed annual financial statements since 2019. (Yikes!)

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👩🏻‍💼  Her side

Bose's suspension is scheduled to last until May 5. She's questioned the allegations and hired a lawyer to represent her, and a few things have been raised from her end:

• The suspension occurred after complaints she had filed about harassment and allegedly had been procured by "invalid and defective means."
• The investigation is "unfair and is lacking in due process," and that she's been suspended "without proper and reasonable cause."