Telenor, the parent company of market leader mobile operator Grameenphone, is shutting down its online classifieds marketplace ekhanei.com in Bangladesh from tomorrow.

The group, one of the world’s major mobile operators, took the decision due to inability to develop the company into a sustainable and profitable business, reads a press note on its website published yesterday.

The leading global telecom giant entered online classifieds in 2013 acquiring some sites from the local market. And in 2015, they further joined another venture for this platform.

“Based on online classifieds market condition and not being able to develop the company into a sustainable and profitable business, the owners have decided to close the operations of the company, effective of May 17, 2017,” the press note said.

Telenor and its partners’ main job is to take care of the affected employees, who will be offered “severance packages” according to company policies.

Though Telenor has decided to close one of its venture’s operations, its sister concern Grameenphone is doing well with GP shop where they only sell gadgets.