After multiple reports have surfaced recently that suggested Evaly were nothing but a fraudulent and thieving institution, there is news that Jamuna Group,one of the largest Bangladeshi industrial conglomerates, is investing TK 1000 crore on the E-commerce company.Jamuna Group will initially invest TK 200 crore and make further investments later, all of which will add up to TK 1000 crore, Evaly CEO and founder Mohammad Rassel confirmed on Tuesday(27th June).
Mohammad Rassel has also expressed that he is truly pleased by the initiative that Jamuna Group has taken to help another fellow domestic firm in the form of Evaly. He believes this investment will help Evaly develop and strengthen their market presence in the future. Mohammad Rassel also added that customers who have previously ordered products from Evaly but haven’t received so are their number one priority right now and he wishes to make all Evaly’s wrongs right by safely delivering the products that their customers rightfully deserve on a facebook post he made shortly after the deal had been made.
While Evaly has not disclosed their valuation, we went ahead and did a scenario analysis of what could be the potential valuation that Jamuna Group agreed to invest in Evaly at. If we assume that the owners of Evaly gave up 25% of their stake in the business for a total investment size of BDT 1000 crore (approximately USD 118 million), we arrive at a pre-money (before investment) valuation of a whopping USD 353 million. This would be the new largest valuation by a startup in Bangladesh topping Pathao’s valuation of USD 100 million.
However, if we assume that Jamuna has taken 10% of Evaly’s stake then you can safely call Evaly the first unicorn of Bangladesh.
Jamuna Group Managing Director Shamim Islam has said that a domestic E-Commerce business is vital for a country’s economic development and has refered to the USA’s Amazon and China’s Ali Baba to back his statement. He has hinted that Evaly could be Bangladesh’s “ Amazon” or “ Ali Baba”. Jamuna Group’s Group Director Monica Islam claims that Jamuna Future Park is the biggest Offline Market Place in Bangladesh and Jamuna Group has offered a helping hand to Evaly so that It becomes Bangladesh’s biggest E-Commerce Business and can serve their customers satisfactorily and therefore generate further economic growth. Jamuna Group aims to help Evaly accomplish what Jamuna Group have been doing for 50 years- Help the Country and its people- claims Managing Director Shamim Islam.
Jamuna Group aims to take the E-commerce industry to an elevated position in Bangladesh by this investment. In these trying times, Jamuna Group wants Evaly to keep the economy going by conducting ethical and consumer friendly business practises to keep the economy running. Sheikh Wadud, Director( Accounts) has said that more information about this investment will be published step by step.