Hong Kong Based Startup Setting Up Camp in Bangladesh 

According to the company’s online activity, Hong Kong-based logistics startup Lalamove has been trying to commence its operations in Bangladesh. The organization has been aggressively recruiting for a number of roles, including a managing director in Bangladesh.

Recently, global players have begun paying close attention to Dhaka’s logistics landscape. In 2022, Lalamove will be the second international logistics company to enter Bangladesh. Delhivery, an Indian logistics company, began in Bangladesh earlier this year. Previously, another Indian logistics firm, Ecom Express, spent $12 million in Paperfly, a Bangladeshi logistics business.

Hong Kong Based Startup Setting Up Camp in Bangladesh

Shing Chow Shing-yuk launched Lalamove in Hong Kong in 2013. The firm was once known as Easyvan before being renamed Lalamove. It operates on an uber-like delivery concept and bills itself as “an on-demand delivery app that pairs drivers to consumers.” Also known as Huolala in China, the firm primarily provides van-hailing and courier services to people and companies.

According to the firm, it operates in 30 cities across 9 markets, has over 8 million members, and over 700,000 delivery drivers. Lalamove was released in India in 2018, however it was banned by the Indian government in 2020 as part of a series of Chinese app restrictions in India.

Lalamove has received $2.5 billion in investment across nine rounds. The firm allegedly secured $1.5 billion in its most recent round of fundraising on January 20, 2021, at a post-money valuation of $10 billion. Lalamove was one of the first Hong Kong firms to reach the $1 billion unicorn value.

Logistics is one of Bangladesh’s fastest-growing industries. Ecommerce’s rapid expansion has provided new opportunities in the sector. Several local logistics companies have raised significant financing in the last two years.

Paperfly, one of the vertical’s leaders, just secured $12 million in Series B investment from Indian Ecom Express. ShopUp’s REDx, eCourier, Pathao Courier, and other major local players in the vertical include

Companies have already increased their spending in the vertical, increasing competition. The entry of Lalamove into the Bangladesh market is anticipated to increase competition.