How a celebrity CEO’s rule of fear helped bring down hot startup Zilingo

Ankiti Bose, co-founder of Zilingo Pte, in Singapore, on May 10, 2022. Interviews with more than 60 people, including current and former staff, merchants, investors, entrepreneurs and friends of the key players, suggest that Zilingo struggled for years under Bose’s leadership. — Bloomberg

At first glance, the implosion of vaunted fashion startup Zilingo Pte looked jarringly sudden.

When the Singapore tech darling suspended its 30-year-old chief executive officer Ankiti Bose over complaints about alleged financial irregularities, it was March. Within weeks, creditors were recalling loans, more than 100 staff had left, and Bose found herself fired, though she denies any wrongdoing. The company’s survival is now in question.