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Bangladesh: Investment in Evaly by Jamuna Group to restore buyer’s confidence

The money has been spent on business development, selling products at a discount and paying salaries and allowances.

Dhaka: Jamuna Industrial Group, one of the country’s leading e-commerce startups, has announced a major investment in debt-ridden and e-commerce startup Evaly.

According to a press release issued by Evaly, the Jamuna Group is going to invest Tk 1,000 crore in Evaly. Initially, they will invest Tk 200 crore. After that, the company is planning to invest one thousand crore rupees at different stages.

According to a recent report by the bank, Evaly has taken Tk214 crore in advance from customers and Tk190 crore from merchants for the rest of the goods.

In all, the company was supposed to have Tk404 crore, but there is only Tk65 crore. Hadith no Tk339 crore.

Customers who purchase products from Evaly are worried about how the company will overcome this deficit. At the same time, the merchants are in trouble to get the money owed.

At the time, Evaly’s founder and chief executive, Muhammad Rassell, said his company had not been involved in money laundering.

The money has been spent on business development, selling products at a discount and paying salaries and allowances.

Acknowledging the capital the deficit, he said there has been a deficit to spend money in three sectors, which partners are being sought to fill.

Following this, the CEO of Evaly came to Facebook Live last Saturday (July 24) night and asked for an opportunity to save the business.

He said closing Evaly is not a solution. It is not possible to close any institution and bring back the investment. Give us a chance to do business, we will not let anyone get hurt.

Finally, there was an air of relief. The Jamuna Group extended a helping hand to Evaly.

As a result of this investment, Mohammad Russell’s Evil seemed to get a new life. Evaly’s well-wishers also breathed a sigh of relief. But the scepticism of the buyers is not over yet.

Buyers complain that product delivery is limited to 45 days, but months go by. But the product no longer comes. Evaly also resorted to tactics in money refunds. The company withholds the customer’s money for months with postdated checks.

Speaking on the investment of Jamuna Group, Mohammad Russell said, “We are giving the highest priority to the delivery of pending orders in the old order. If necessary, we will arrange the investment.”

Customers are waiting to see how Jamuna Future Park, the largest offline marketplace in Bangladesh, and the potential online marketplace Evaly is harmonizing.

Tanvir Shahriar Rimon, CEO of Rangs FC Properties said Evaly now needs to prove that their business is not a registry scheme but that they are able to present an honest and realistic business model with real capital.

“I am talking about a sustainable model to be realistic.”

He further said: “by delivering orders on priority which they could not deliver even after a long time, they are proof of their business ethics.”

“Let’s get out of the wrong the business culture of giving backdated checks instead of products and become a true e-commerce site!”

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