B2B fashion marketplace Zilingo has reportedly suspended its co-founder and chief executive officer Ankiti Bose amid an internal investigation into the company’s accounting practices and financials.

The Sequoia Capital India-backed company was in the midst of new fundraising talks which led to further questions about its accounting standards and financial practices, according to a media report, based on unnamed sources.

Zilingo or Bose did not respond to the questions from the publication but the report goes on to add that Zilingo’s investors Temasek and Sequoia had initiated the investigation into the company as part of the due diligence process. The company was said to be in talks to raise $150 million -$200 million at a unicorn valuation.

Founded in 2015 by Bose and Dhruv Kapoor, Zilingo has developed a proprietary suite of applications that allow fashion merchants to access manufacturers around Asia. It also helps by enabling different procurement rates, optimised logistics services, financial services, insurances, loans and analytics for them.

Currently, Zilingo has its supply base in Singapore, Thailand, Indonesia, China, Bangladesh, Vietnam and Cambodia. Its customer base includes Indonesia, Thailand and Singapore and also ships internationally to four more countries, including the US, Europe and Australia. The company has raised over $308 million to date, with Germany’s Burda and Sofina Capital being its other major investors.

Sequoia India Backed Zilingo CEO Ankiti Bose Suspended Amid Investigation