Billion-dollar bust or comeback queen?

Ankiti Bose co-founded Zilingo, a multinational tech and e-commerce startup headquartered in Singapore. Zilingo swiftly ascended to a valuation nearing $1 billion in 2019, largely due to Bose's instrumental role. Educated in Mumbai at Podar School and Cambridge School, she pursued Economics at St. Xavier's College. 

Her early career in Asia's tech landscape exposed her to e-commerce and fashion, which shaped her entrepreneurial path.

Bose was inspired by the rapid rise of e-commerce giants like Amazon, Alibaba, and Flipkart in the U.S., China, and India. However, she also noticed a significant gap in the market for sellers in Southeast Asia, a major hub for fashion manufacturing. This realisation came during a visit to Bangkok's Chatuchak Weekend Market, where she saw the potential for digital expansion in the region’s fashion markets.

In 2015, Bose left her job and relocated from India to Thailand, Indonesia, and Singapore to develop technology and distribution solutions. This led to the launch of Zilingo when she was just twenty-three. The company began as a fashion marketplace that connected small merchants from Bangkok and Jakarta to the e-commerce world, enhancing their reach with services in distribution, cataloguing, and financing.

As it evolved, Zilingo amplified its distribution capabilities and shifted focus towards B2B opportunities, aiming to streamline a fragmented and inefficient supply chain. By 2016, the startup had developed a notable seller management platform that helped small retailers and brands organise their operations through online tools and logistics APIs.

Bose envisioned Zilingo not merely as an online platform but as a means to empower small businesses with support in production, shipping, and operations. A proponent of women's empowerment, she initiated a garment-making program for Indonesian women, who often exit the workforce post-marriage. Additionally, Zilingo introduced a coaching program to enhance executive skills within the company.

Bose’s achievements earned her spots on influential "under" lists and invitations to speak at global platforms. Her venture was poised to make her the first Indian woman to co-found a startup close to a billion-dollar valuation, with over 800 employees across 8 countries. However, her journey took an unexpected turn.

During the COVID-19 pandemic, Zilingo faced severe financial and legal challenges, reportedly linked to Bose's leadership. After her departure, without appointing a new CEO, the company experienced significant losses, leading to the closure of offices and layoffs, and culminating in a distress sale of assets in 2023.

Bose disputed the blame, suggesting it was unreasonable to attribute all company issues to her. She claimed she was targeted by a certain investor and her business partners, leading to a media and legal battle. 

It led her to take legal actions including a $100 million suit against one of the venture investors Mahesh Murthy, in which she was granted a favourable outcome by the courts. Thereafter she was granted another injunction by the courts in her favour against Inc42 for their allegedly defamatory content. She has since then also filed a criminal complaint on the basis of which Mumbai Police has taken cognizance and registered an FIR against her business partners. Recently a Delhi court has put a stay on defamatory content against her.

As the media speculates about her next steps, Bose's future endeavours remain highly anticipated.