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Bangladeshi e-commerce platform Evaly owes Tk206 crore of merchants

Bangladeshi e-commerce platform Evaly owes Tk205 crore 86 lakh 84 thousand 383 of merchants, said a letter signed by company's MD Mohammad Rassell to the Commerce Ministry. 

— Bangladeshi e-commerce platform Evaly owes Tk205 crore 86 lakh 84 thousand 383 of merchants. The information was given in a letter signed by company’s MD Mohammad Rassell to the Commerce Ministry. However, the letter did not specify how many merchants received that amount. The letter sent by Evaly last Thursday was submitted to the Commerce Ministry on Sunday.

On July 31, Evaly has given full and partial answers to all the questions asked from the Ministry of Commerce in three categories. Earlier, a letter sent by the Commerce Ministry to the company set a deadline of August 19 for total liabilities and assets, August 26 for customer total debt and September 2 for merchants.

Following this, Rassell, managing director of Evaly, was forced to submit to the ministry information on all types of financial transactions of his organization. In the first letter, Rassell said the total current liabilities of all other debtors, including advances to customers, debts to suppliers, debts related to business expenses, amounted to Tk542.99 crore 8 lakh 482.

In the second letter, it was informed that the total liability of Evaly to the customers is Tk310 crore 99 lakh 13 thousand 407. 2 lakh 7 thousand 741 customers have been created liability of Evaly. In the last letter dated September 2, Rassell said that the merchants owe Tk205 crore 86 lakh 84 thousand 383 to Evaly.

In his last letter to the ministry, Rassell said he would repay the customer’s debt of Tk 3,310.99 crore in the next five months. He informed the ministry that the debt would be repaid through conducting normal business activities and gaining the desired investment.

In a letter to the Commerce Ministry, Rassell said credit facilities are a normal process in any business and have existed in every business for centuries. All suppliers have credit facility agreements with Evaly. In addition to growing business with any supplier, the credit facility is also gradually increased.

As Rassell claims, Evaly conducts business directly with producers and importers. These suppliers conduct business by making a profit at an average rate of at least 15-20 %. So, the money that is currently in debt is a very normal and acceptable amount.

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