Ankiti Bose: Billion-Dollar Bust Or Comeback Queen?

Ankiti Bose is one of the co-founders of Zilingo, a multinational tech and e-commerce startup based in Singapore. Zilingo experienced rapid growth, reaching a valuation close to $1 billion by 2019. Ankiti pursued her education in Mumbai, attending Podar School and Cambridge School, before studying Economics at St. Xavier's College. Her early professional experiences in Asia's tech industry introduced her to e-commerce and fashion, influencing her journey as an entrepreneur, reported DNA.

How Zilingo Came To Existence?

According to the report, Bose 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. 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.

As per the report, Bose initiated a garment-making program for Indonesian women to empower them. Indonesian women mostly exit the workforce post-marriage and thus this helped them to earn livelihood. 

Bose’s achievements earned her spots on influential "under" lists and invitations to speak on 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, reported DNA. However, 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. While Bose continues to fight her cases legally which includes defamation cases, her next professional move is being watched closely.