Sequoia Capital India's Shailendra Singh has stepped down from the board of Singapore-based Zilingo Pte following questions over the fashion technology startup's accounting practices, sources said. Zilingo, a platform for fashion merchants backed by Singaporean state-owned investor Temasek Holdings, was co-founded in 2015 by CEO Ankiti Bose alongside Dhruv Kapoor, its chief technology and chief product officer.
Singh resigned as a director a few days back after the departures of Temasek Holding Pet's Xu Wei Yang and Burda Principal Investments Ltd's Albert Shyy, sources familiar with the matter said. Last week, Zilingo suspended its CEO Bose pending an investigation.
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The investigation reportedly is focusing on the way that Zilingo had accounted for transactions and revenue across a platform spanning thousands of small merchants. "We expect our portfolio companies to abide by sound corporate governance and codes of conduct and ethics. We are therefore supportive of the board's investigation into the complaint as part of good governance, to safeguard the interests of the company," Temasek said in a statement.
Besides Temasek and venture capital firm Sequoia Capital, Zilingo also counts Burda Principal as well as Singapore's Economic Development Board's investment arm EDBI among its investors. It was not immediately clear how much each holds in the company
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