Investor sued by Zilingo founder for exposing misappropriation of funds by CEO Ankiti

Bose sues investor Murthy Bombay High Court alleged through law firm Singhania & Co LLP that the articles are a “continuation of a three-year-old vendetta” against him.

Notably, Murthy wrote an article titled “From Venture Capital to Distress Capital” in March. In that article, Murthy discussed various start up The founders took no names and blamed them for the current decline in funding in the country.

Following the defamation suit, Murthy shared a post on Twitter and shared two paragraphs of the article indirectly targeting Bose.

Murthy posted the following paragraph, “Founders take money out. Some do it legally, and some don’t do it legally. In my opinion, in any case, taking a lot of money out of your company while it is unprofitable, deeply unethical for investors. Gave you money. Some people who did it illegally are famous: A woman ran a popular fashion portal and took Sequoia’s money. She used it to pay her lawyer firm received 70 crores as fees and it is rumored that he got a major chunk of that amount directly back to himself in the form of deductions. She also got her firm to pay a public relations agency. 10 crores a year to flaunt her profile as a glamorous CEO type, jetting in business class from one fashion show to another. All this when his start-up failed to generate even Rs 10 crore of gross income on ridiculously inflated revenues. 300 crores while it cost more 8,000 crore”.

Investor Murthy tweeted on Sunday, “I’m in the news. Very funny! Apparently a woman is suing me for $100 million for an old piece that doesn’t belong to her, but she insists that it happens.” Murthy has still not mentioned Ankiti Bose’s name in his latest tweet.

Murthy said, “Given that dozens of fashion firms funded by Sequoia have dozens of female founders and that a lot has happened to many of them, one wonders why.

guilty conscience? playing the victim? PR stunt to stay in news? A new way to raise money? If you have a guess, share it”.

Murthy was a managing partner at early-stage venture capital firm Seedfund, which has backed redBus, Chumbak and others.

What does Ankiti Bose’s defamation case say?

Bose, on the other hand, has said in his statement that Murthy’s article contains a “bunch of lies, distortions and poisonous claims”.

Bose said, “The excerpt from the statue is a continuation of a 3-year-long vendetta against me. This malicious media campaign launched against me has damaged my reputation, caused significant financial loss, and is based entirely on fiction, There won’t be a shred of evidence.” against me”.

“The stat piece only goes to reinforce the sexist attitudes and hints of gossip that prevent more female founders from achieving their true potential,” said the ex-Jilingo co-founder.

Old controversy over Jilingo:

Ankiti Bose And Zilingo has been in the eye of a storm over the past year. Bose was suspended by Zilingo in April 2022, following allegations of impropriety raised by an anonymous whistleblower. The alleged financial irregularities in Bose’s account were discovered during a due diligence process for a new funding round.

In June 2022, Bose resigned as director of the holding company Zilingo Pte Ltd as well as its subsidiaries.

And in January this year, Zilingo sold its technology assets and acquired Ncinga Innovations to Zurich-based e-commerce management software company Biogo AG.

EY Corporate Services Pte. was appointed by Jilingo as the provisional liquidator.