Temasek-backed fashion startup Zilingo has suspended Chief Executive Officer Ankiti Bose after an attempt to raise new funds prompted questions about the company's accounting, Bloomberg News reported on Tuesday, citing sources.
The Singapore-based startup's investors began questioning its finances as part of the due diligence process when Zilingo was looking to raise between $150 million and $200 million with the help of Goldman Sachs Group Inc GS.N, the report said.
Zilingo declined to comment on the report, while Temasek TEM.UL did not immediately respond to a Reuters request for comment.
The fund raise, if successful, would boost Zilingo's valuation to more than $1 billion, according to the report.
The high-profile startup was founded by Bose and Dhruv Kapoor. It was backed by Sequoia Capital, with Temasek joining in February 2019, when it raised $226 million.