Bangladeshi classifieds site Ekhanei.com, which sold properties, gadgets, vehicles and personal items, shut down yesterday as it failed to make money, said its owner Telenor Group.
Telenor entered online classifieds in 2013 by acquiring 50 percent of Latin American firm SnT, together with Schibsted, and 33.33 percent of 701 Search, alongside Schibsted and Singapore Press Holdings (SPH), reports Telecompaper.com.
In 2015, more joint ventures were established with Naspers in four countries, including Bangladesh, where Telenor has had a 25 percent indirect stake in the company through SnT.
Telenor said its main task now, together with its partners, is to take care of the affected employees, who will be offered severance packages according to company policies.
Recently, Telenor announced that it has entered an agreement with Schibsted regarding its online classified joint ventures, whereby Telenor would exit SnT and acquire Schibsted's stake in the joint ventures in Malaysia, Vietnam, and Myanmar (701 Search). Telenor will own 100 percent of 701 Search and its assets in Malaysia, Vietnam, Myanmar and the headquarters in Singapore.