Is it profitable to invest in Evaly now?

Many thought that Evely would be like Destiny, Jubok, Grameen Telecom. But defying all speculations, Evaly has reopened. But investing in Evaly has raised hopes as well as fears.

The recently resigned board’s audit report has imbalance of 47 thousand crore taka and now the question is what will happen to these customer’s fate.

Shamima Nasreen, the former chairman of the company, has taken charge of Evaly. All the members of the Board of Directors have already resigned as directed by the High Court. They have submitted the audit report and opinion of the board of directors to High Court. There are several recommendations that are expected to reduce like the benefits customers previously received from Evaly.

The question now is whether Evaly will start afresh by paying off previous creditors. In a word, no. Evaly owes 543 crores to customers, merchants and other organizations. Out of which the merchants owe 205 crore 86 lakh 84 thousand 383 taka. In contrast, Evaly has products worth Rs. 25 crores. But since the customer‍‍`s information is stored on the previous server, it is not possible to withdraw the money now.

However, the authorities are yet to confirm how the previous customers will get their money back.

Evely has given a glimpse of many changes in the new beginning. As a result, customers will not get huge discounts like before. Where you could buy a bike worth Tk 5 lakh for Tk 3 lakh. And basically, such e-commerce transactions will be completed through the central bank gateway. A certain amount of discount will be given on the product.

There will be a down payment and the rest of the money will be deposited into the gateway. When you receive the product, the payment from the gateway will be transferred to Evaly. Although this will not be implemented right away. But gradually this process will go.

Evaly‍‍`s board of directors will also be on extra alert.

This year‍‍`s board will have a member of the rank of joint secretary of the Ministry of Commerce or below, and a representative of e-cab will be on the board.

According to Shamima Nasreen‍‍`s lawyer Ahsanul Karim, the new board will run the company on Evaly‍‍`s own strategy. First, the focus will be on cash flow and getting the business up and running. If structurally strong, the company plans to pay the dues of old customers as soon as possible.

All in all, Evaly is going to be positive for new investors for now. The fate of old investors depends on how the new investment is responded to.