billed to be Lanka’s largest online mall

*Dialog in US$ 1.6mn e-commerce JV to merge, iBuy & Tradenet


Dialog Axiata PLC has entered in to an investment agreement with newly launched entity Digital Commerce Lanka (Pvt) Ltd. (DCL), to acquire a 26 percent stake in the company for a consideration of US$ 1.59 million. The remaining equity in DCL is held by the shareholders of Anything (Pvt) Ltd., a daily deals player and fast growing e-commerce company.

"Going forward, the Joint Venture Company DCL will encompass and absorb the business operations and brand properties of and the e-commerce businesses of the Dialog Group," the telco said in a statement yesterday (10).

"Accordingly, the joint venture will facilitate the merger of daily deals category leader, most visited online mall, B2B and C2C trading portal and recently launched online classifieds site The merger of the category leading online businesses will yield an aggregated and unified e-commerce platform which would present Sri Lankan consumers with an unparalleled digital commerce experience spanning daily deals, branded store offerings, travel and leisure deals, B2B and C2C trading and the opportunity to buy and sell via an online classified service supporting Web, SMS and USSD mediums.

The Board of Directors of DCL will be chaired by Thilan Wijesinghe, Director and Shareholder of Anything (Pvt) Ltd. Dialog Axiata PLC will be represented on the Board of Directors of DCL by Dr. Hans Wijayasuriya and Moksevi Prelis.

The formation of the Joint Venture will also see the transitioning of CEO Reeza Zarook and his management team at to DCL. The leadership team at DCL lead by Zarook will be further strengthened with key technology and e-business domain specialists from the Dialog Group."

Commenting on Dialog’s investment in DCL, Dr. Hans Wijayasuriya, Group Chief Executive for Dialog Axiata PLC said, "Over the past years, Dialog has made significant progress in Sri Lanka’s nascent e-commerce space through our various online businesses including iBuy, Tradenet and myTrader. In line with our aggressive aspirations with respect to digital commerce, we now have the privilege of combining strengths with a category leading business, to create an all new online business experience for Sri Lankan consumers.

"Our vision is shared by the path breaking team of Sri Lankan on-line innovators and entrepreneurs at who enabled the company to secure a top slot in the e-commerce space within a year of startup. We are confident that we can contribute to this partnership with our experience and proficiency in innovation, connectivity & media technologies, service delivery and customer care. We also believe that this partnership will elevate e-commerce in Sri Lanka to the mainstream and will succeed in extending the benefits of online commerce to a wide and plural segment of Sri Lankan consumers."

The entry level stake of 26% acquired by Dialog in DCL is valued at circa USD 1.59 million.

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