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Evaly announces 1,000C cash infusion from Jamuna Group

  • Published at 11:08 pm July 27th, 2021
Company logos of Evaly and Jamuna Group Collected

Jamuna Group will initially invest Tk200 crore, and the rest of the amount will be pushe gradually

Jamuna Group will be investing Tk1,000 crore in e-commerce platform Evaly.

Founder and Managing Director of Evaly Mohammad Rassel made the announcement on his Facebook profile on Tuesday night. Evaly also issued a press release in this regard the same night.

Jamuna Group will initially invest Tk200 crore and Tk1,000 crore will be invested eventually in multiple steps, the press release says.

Regarding the old order deliveries to the customers, Mohammad Rassel said: “We’re trying to get more investment to deliver old orders to customers and clear our backlogs.” 

Also Read - ‘It is not possible to return investments just by closing down Evaly’

"E-commerce can play a good role in a country’s economy. Such as Amazon in the case of the United States, Alibaba in the case of China. Similarly, the local e-commerce platform, Evaly has already made a position of its own in Bangladesh," Managing Director of Jamuna Group Shamim Islam said regarding this investment, claims Evaly press release.

“Evaly is working to fulfil the dreams of the common people of the country. Jamuna Group has been working for the welfare of the country and its people for over 50 years as well. From now on, Evaly and Jamuna Group have become partners in fulfilling those dreams,” he added. 

Welcoming the partnership between Evaly and Jamuna Group, Monika Islam, group director of Jamuna Group said that Jamuna Group has been doing business with quality products and services in the country's market. 

“Jamuna Future Park is the largest offline marketplace in Bangladesh. And now Evaly will remain as the largest online marketplace with Jamuna Group. We have stood by them in their difficult times, believing in Evaly's honest business intentions to take Digital Bangladesh and the country's e-commerce sector forward in a strong position,” she added.

Sheikh Wadud, Director (Accounts), Jamuna Group, said: “We want to contribute to the domestic economy at a time of global pandemic of Covid-19. We will publish more detailed information about this investment step by step.”

Earlier in late June, an inspection report of Bangladesh Bank, submitted to the Commerce Ministry, found out that Evaly’s liabilities to customers and merchants were Tk403.80 crore while its asset was only Tk 65.17 crore. 

Following the report, Evaly started getting huge criticisms from netizens. At the same time, banks and mobile financial services started to suspend transactions with Evaly eventually. 

Mohammad Rassel, managing director and chief executive officer of Evaly | CollectedOn June 22, Brac Bank cancelled credit, debit and pre-paid card transactions for 10 listed merchants including Evaly. 

On June 24, the Ministry of Commerce announced that the Bangladesh Bank will serve as a payment gateway between the sellers and buyers of e-commerce platforms. It will hold the advance payments until products are delivered. 

After two weeks of silence, the Commerce Ministry, in a letter, asked the Ministry of Home Affairs to sue Evaly for embezzlement of Tk338 crore owed to merchants, which was taken as an advance from customers. 

Commerce Ministry also wrote to Anti-Corruption Commission, asking the agency to launch an inquiry against the online marketplace Evaly over the alleged embezzlement.

On July 17, bKash suspended service with ten online marketplaces including Evaly.

Also Read - Court slaps travel ban on Evaly chairman, managing director

On the same day, a Dhaka court barred Evaly Managing Director Mohammad Rassel and his wife Shamima Nasrin, the chairman of the e-commerce firm, from travelling abroad. 

On July 18, in response to the allegations against Evaly, the government also decided to liquidate Evaly’s assets if the company fails to meet its liabilities, as per a meeting chaired by Commerce Secretary Tapan Kanti Ghosh on Sunday.

On July 25, Evaly Founder Rassel claimed that his company is being pushed for its closure on the basis of a report, rather than resolving the issue.

Going live from Facebook, he said: “Everyone has been advocating for protecting the interests of the consumers and their future. But how will it resolve the issue if we are shut down? It is not possible to return investments just by closing down an institution.”