A fashion e-commerce startup in Singapore valued at $970 million has suspended its CEO after investors launched a probe into the company's accounting practices.
Ankiti Bose and Dhruv Kapoor founded the company. The company raised $226 million from its investors, which pushed its valuation to $970 million.
Bose was suspended by the board as an investigation intomatters is underway, according to the report.
The company did not say what the focus of the probe was, but sources said it was related to the company's financial and accounting practices. The records of transactions and revenue were kept by the startup. The company has not filed financial statements in the last year.
The idea to help small players to produce, source for, and trade fashion apparel was shared by Bose and Kapoor. They made Singapore the company's base. Bose's push to have the startup she co founded reach unicorn status is in danger because of the investigation and Bose's suspension.
According to sources, the board was concerned about the concerns raised by the big investors.
The major investors hired an independent firm to investigate the matter, and the company is working closely with the independent firm for the investigation.
Bose disagreed with the board's decision to suspend her and called it a witch hunt, according to a correspondence. The outlet was the first to report on Bose's suspension.
Bose believes that the investigation into her is unfair and lacks due process, and that she has been suspended without proper cause.
Bose and her lawyer did not respond to Insider's requests for comment.
There are offices in Singapore, the Philippines, Vietnam, Thailand, Cambodia, and India. In 2020 the company laid off dozens of employees from its 900-strong workforce as Southeast Asia enforced COVID lockdowns.
The fiscal years to come will be better for the economies that reopen. In late 2021, it predicted that core net revenue would rise to $60 million in fiscal year 2022, according to documents.
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