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  • Last Update : 12:30 am

Jamuna Group’s decision on Evaly investment delayed by audit

  • Published at 08:37 pm August 28th, 2021
Company logos of Evaly and Jamuna Group Collected

On Thursday, Monica Islam, director of Jamuna Group, said they plan to start their own e-commerce company and are worried that the bad reputation of Evaly might harm its current brand perception

Jamuna Group’s investment in Evaly has yet to reach a final decision as the conglomerate is still awaiting an audit of the financial statements of the e-commerce platform.  

Evaly Chief Marketing Officer Arif R Hossain confirmed the matter to Dhaka Tribune on Saturday.

Mohammad Alamgir Alam, director of Marketing, Sales and Operations of Jamuna Group, also wrote in a social media post recently that said as the audit activities have not been completed yet and the group has not got the final report of the audit yet, Jamuna Group is not yet ready to give any final official statement regarding the investment in Evaly.

But earlier on Thursday, Monica Islam, director of Jamuna Group, had told Bangla Tribune they plan to start their own e-commerce company and are worried that the bad reputation of Evaly might harm its current brand perception.

Also Read - Jamuna Group backtracks from investing in Evaly

Previously on July 27, Evaly Founder and Managing Director Mohammad Rassel announced that Jamuna Group would invest Tk1,000 crore in Evaly. 

According to sources, Jamuna Group was supposed to buy a 51% stake in the e-commerce platform. Besides, there were plans to invest Tk200 crore initially. Eventually, the group would invest Tk1,000 crore in multiple steps.

When asked in June about why Jamuna Group had decided to invest in a controversial platform, Monika Islam told Dhaka Tribune: “Basically, our analysis prior to the investment found that there have been issues with fund management. The subsidization of products for market access and its mismanagement was the issue and they only needed an investor.

“In terms of the business model, every e-commerce platform has to abide by the SOP that has been introduced by the Commerce Ministry. We have faith that Evaly has honest business intentions to materialize the Digital Bangladesh vision and take the country's e-commerce sector forward. E-commerce is the future and investing in the local e-commerce sector and its consumers is our goal,” she had said back then.

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