Sri Lanka, Sept. 2 -- E-commerce service Kapruka Holdings PLC said it has decided not to proceed with a proposed used-goods marketplace and will seek shareholder approval to redirect Rs. 50 million in unutilised IPO proceeds towards working capital after concluding the venture is not commercially viable under current market conditions.
In a disclosure to the Colombo Stock Exchange dated August 31, Kapruka said its management had reassessed the proposed marketplace against prevailing market conditions, expected customer demand, competition, regulatory requirements, operating needs and expected financial returns.
The assessment concluded that launching and operating the personal cargo collection and delivery marketplace is "not commercially...