Did Evaly take the initiative knowing it? Evaly to lose it all!
The question now is not ‘will Evaly escape the market?’ rather ‘when Evaly will finally escape?’ This is a new reality that we are now introduced with just after the officials of Bangladesh Bank just finished a recent probe.
Evaly is now in due of 403.80 crores from its clients and merchants whereas it only owns a current wealth of 65.17 crores. A recent report to the ministry of commerce in Bangladesh by the Bangladesh bank unveils the bitter truth.
According to that study, Evaly took 213.94 crores in advance from its users but did not deliver the product yet. Also, the merchants were to receive 189.85 crores.
The current possession of wealth by Evaly is just 16.14% of the total debt.
There is a more concerning factor in the report published by the Bangladesh Bank. It says, ‘Evaly is now in the vicious cycle of loss and an ever-increasing gap between due and profit. Now the company is about to face an existential crisis.’
The ministry of commerce asked for an analysis of Bangladesh bank lately.
The report also says, ‘The Company is making a loss instead of making a profit since its inception. Instead of finding a recovery to the loss the company made more ways to increase the loss such as cyclone, earthquake offers to attract more customers with more discounts only increasing the loss.
Also, evaly makes a 100 at the expense of 357. So, it finds a loss of 257.
Evaly is on the market since 2018. First-year of its business evaly was at a loss. The loss was 1.68 lakh in its first year, which experienced a meteoric rise and the loss is now around 316.49 crore.
Also, Bangladesh bank officials claimed evaly did not assist that much during the investigation. Evaly did not provide access to its database but once the evaly authority permitted to access its replica database which lasted a few hours and then the database was taken away. While asked the authority mostly said it’s a technical problem and failure of its’ ICT system.
So, finally, with no sign of hope, the report concludes Evaly is only just increasing the gap of profit and loss and the loss evaly is going to endure is no way possible to reverse anymore.
The question remains with awe, Evaly to lose it all!