Ankiti Bose, a known figure in the Indian startup realm, embarked on a remarkable entrepreneurial journey that ultimately took an unexpected turn. Hailing from Dehradun, Bose’s academic path led her through Cambridge School in Mumbai and later to the renowned St. Xavier’s College. Post-graduation, she ventured into the corporate world, working with prestigious firms like McKinsey & Company. However, a serendipitous encounter at Bangkok’s Chatuchak Weekend Market ignited the spark for her entrepreneurial pursuit.
Observing the lack of online presence among local vendors, Bose decided to forge her path, departing from her role as an investment analyst to co-found Zilingo with Dhruv Kapoor. Zilingo, a multinational technology and commerce startup, quickly ascended to remarkable heights, reaching a valuation peak of Rs 70,000 crores in 2019, with Bose’s instrumental contributions being widely acknowledged. Her achievements earned her accolades, including features in Forbes Asia 30 Under 30 and Fortune’s 40 Under 40 lists and recognition in Bloomberg 50.
However, Bose’s narrative took a dramatic twist when she was ousted from her creation in 2022. Allegations of financial misrepresentation and mismanagement, led to her suspension as Zilingo’s CEO. Subsequently, she initiated legal action, pursuing a Rs 738 crore lawsuit against investor Mahesh Murthy, an FIR against her co-founders Dhruv Kapoor and COO Aadi Vaidya for threatening, harassing and deceiving her and investors by placing allegations against her that led to her ouster. She has also received an injunction from a Delhi court against defamatory content against her being posted online.
What can other startups learn from this?
The saga of Zilingo serves as a cautionary tale, shedding light on critical aspects of the startup ecosystem. Firstly, it underscores the perils of unchecked authority, emphasizing the necessity of robust corporate governance to curb unilateral decision-making and ensure accountability. Moreover, it raises pertinent questions about the challenges faced by women entrepreneurs, particularly in male-dominated environments. Bose’s assertiveness and perceived aggressiveness starkly contrasted with her co-founder’s demeanour, highlighting the gender dynamics at play.
Transparency emerges as another crucial lesson from this saga. Bose’s assertion of not being privy to the initial allegations or the subsequent investigation report underscores the importance of open and transparent processes in safeguarding the interests and reputations of all stakeholders involved.
As the intricacies of the Zilingo case continue to unfold, it serves as a poignant reminder of the delicate balance of power within startups and the imperative of upholding fairness and transparency, irrespective of gender or position.
