Jamuna Group to invest up to Tk 1,000 crore in Evaly
Initially, Jamuna will invest Tk 200 crore and will invest the rest in phases, Evaly said in a statement today.
"We, as a local venture, are really pleased to have another local company by our side," said Mohammad Rassel, founder and CEO of Evaly.
Through this investment, Jamuna has become part of the ongoing investments that are coming to Evaly and the group has the opportunity to invest in the next phase as well, he said.
The disclosure came at a time when several state agencies, including the Anti-Corruption Commission (ACC), have been carrying out investigations into the alleged embezzlement or transfer of Tk 338.62 crore against Evaly.
The crackdown created concerns among many customers and merchants of Evaly about whether they would get delivery of their products or payment.
A recent Bangladesh Bank probe said the liabilities of Evaly to its customers stood at Tk 213.94 crore and to merchants Tk 189.85 crore as of March 14.
The digital commerce company had a total asset of Tk 91.69 crore as of March 14. Its current asset was Tk 65.17 crore, according to a central bank probe.
Following the investigation, the commerce ministry early this month suggested ACC, home ministry, the Directorate of National Consumer Rights Protection and Bangladesh Competition Commission to investigate the allegation against Evaly, which now has around 50 lakh registered customers.
In its statement, Evaly said it will spend the investment by Jamuna on future development and for creating new scopes for business.
"We're trying to get more investment to deliver old orders to customers and clear our backlogs," Rassel said.
Monika Islam, group director of Jamuna Group, told The Daily Star: "We have a memorandum of understanding today. We are investing in Evaly."
She said the group will invest Tk 100-200 crore initially.
"If needed, we will invest Tk 1,000 crore in phases and in different forms."
Jamuna's main goal is to strengthen the e-commerce platform in Bangladesh, she said. "We have analysed and found that Evaly platform is very big. If a big group like us joins Evaly, they will be stronger."
However, she said the ratio of shareholding has not been fixed yet. "You will come to know soon."
About Bangladesh Bank's probe on asset liability mismatch of Evaly, she said the crisis is related to fund management, because of which the platform was looking for investor.
Jamuna has been doing business with quality products and services in the country, she said.
Jamuna Future Park is the largest offline marketplace in Bangladesh and Evaly will remain as the largest online marketplace with Jamuna Group, she said.
As per the ongoing global trend, e-commerce can play a vital role for the economic development of the country, said Shamim Islam, managing director of Jamuna Group.
Evaly is working to fulfil the dreams of the common people and Jamuna Group has been working for the welfare of the country and its people for the last 50 years, he said.
"From now on, Evaly and Jamuna Group have become partners in fulfilling those dreams."
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