Killing the Unicorn
I don’t know much about eValy. From different sources what I have learned – evaly is an eCommerce market place with around BDT 600 Crore Monthly GMV which is equivalent to USD 70 Million Monthly GMV. If we extrapolate to Annualized GMV it will be around USD 840 Million. The way I look at this is – it is the only home grown potential Unicorn Tech Start Up – which has almost grown as a Billion Dollar Tech Company on its own.
They have proven in every way that they have tech and operations capable of handling close to a Billion Dollar Transaction in a year. Bangladesh is a large enough market to grow even bigger. We haven’t even seen the growth of ecommerce yet. So far I know – eValy is not backed up by any Venture Fund or Strong Financial Institution.
In different places we are seeing a lot of challenges and dissatisfaction around evaly. The way I see it is – evaly just needs good funding. I was looking at a Television Report saying evaly has a net payable of around 450 Crore to different parties (equivalent to USD 53 Million or so). Few days ago I also saw an Indian Tech Startup Raised USD 400+ Million in funding to grow their business. I really believe few hundred million dollar funding to evaly can completely turn the table and we are looking at the first potential Billion Dollar Tech Startup from the Bangladesh.
I really don’t know how everyone is looking at evaly. But I look at them as, founders with uncompromising entrepreneurial spirit, pushing everyday and fighting against everyone. I was looking at different associations, institutions, individuals going against them – whereas I really believe – instead of funding 100 Tech Start Up – even if evaly can be funded and facilitated with some good governance/accountability – we are looking at the Unicorn in the making.
I don’t know the founder or anyone of the company. Just as another fellow tech entrepreneur, somehow I see this differently. One thing I can tell – failing evaly will give us nothing. But if we can make evaly a success story – some day we may get a Steve Jobs or Elon Musk or some iconic entrepreneur. We couldn’t get Tata, Birla or Ambanis from the earlier generations – but in the tech landscape we don’t need to feel shy. We need success stories to inspire our talents – which I believe we have a lot.
Killing or destroying evaly is easy – but remember it will not be easy to make another potential unicorn. Most importantly, the spirit of the Unicorn will be killed.