According to a press release given to FS, Startup Bangladesh Limited, the ICT Division’s flagship venture capital firm, chose to invest in the Dhaka-based re-commerce site SWAP. The organizations in Dhaka recently signed a contract committing them to investing 5 crore BDT in the Pre-Series A round.
Swap Gets Investment from Startup Bangladesh
As well as providing customers with convenience and safety when selling a product, Swap also makes sure that e-waste is disposed of in an environmentally friendly manner. The platform increases economic participation and access to technology in a developing market like Bangladesh by allowing a large number of low-income households to buy, sell, and exchange goods.
Khandker Anwarul Islam, Cabinet Secretary, Cabinet Division, was present when the deal was inked. Mr. N M Zeaul Alam, managing director of PAA, Mr. Sami Ahmed, head of portfolio investment, and Chairman of Startup Bangladesh’s ICT Division Other participants in the event included SWAP’s CEO Hasan A. Arif, COO Tonmoy Shaha, and COO Parvez Hossain.
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With a current monthly GMV of over USD $2.5M, SWAP claims that since beginning in 2020, it has created more than USD $43M in Gross Merchandise Value (GMV). According to SWAP, as part of its commitment to reduce carbon footprint and support an environmentally sustainable ecommerce industry in emerging markets, it has served over 80,000 customers to date, contributed to the reduction of 3650 Metric Tons of Carbon Emission, and saved more than 386 Metric Tons of E-Waste.
On the occasion Mr. Zunaid Ahmed Palak, State Minister for ICT Division said,
“Bangladesh has become a fertile land for startups and innovation, which is transforming the startup ecosystem. The Government is a strong believer of innovation and technology, and we believe Startups are the change-makers and Impact creators in society. To support these innovative Startups, Government has established Startup Bangladesh venture Capital company. Startup Bangladesh’s role in supporting startup ecosystem through investments in technology startups is vital towards building Smart Bangladesh. I hope Swap will make remarkable impact in the industry with this investment.”
NM Zeaul Alam PAA, Senior Secretary, ICT Division and Chairman Startup Bangladesh Ltd. mentioned,
“The work that SWAP is doing in the re-commerce industry is highly commendable and the investment from Startup Bangladesh Ltd on SWAP will help it to be the leader of the industry. I hope that they will be able to make a deep impact in Smart Bangladesh implementation as a Startup. The ICT Division is working diligently in changing policies that assist the emerging and growing startups in many aspects, whether it is policy level, training, development etc.”
Sami Ahmed, Managing Director, Startup Bangladesh Limited. said,
“Startup Bangladesh aims to support homegrown startups to grow and reach heights that generate higher standards for more Foreign Investment. The local startup ecosystem is greatly influenced by prospective ventures like SWAP, With the right strategy and focus, SWAP will be able to make remarkable example as successful and sustainable startup in the ecosystem”,
SWAP CEO and Co-founder, Parvez Hossain said,
“We believe that SWAP provides a solution that the Bangladesh market greatly needs. By building an ecosystem for pre-owned goods, we are providing our country’s low and middle income households access to technology at an affordable price while encouraging the circular economy mandate. By reusing and increasing the lifespan of electronics devices & light vehicles, we can also ease the pressure on import of such goods, easing the stress on our dollar reserve.”
About Startup Bangladesh Limited
The ICT Division’s flagship venture capital fund is Startup Bangladesh Limited. Startup Bangladesh, the first and only venture capital fund backed by the government of the People’s Republic of Bangladesh, began its journey in March 2020 with an allotted capital of BDT 500 crore, under the inspirational leadership of Honorable Prime Minister Sheikh Hasina.
Startup Bangladesh has chosen to invest 5 crore BDT in SWAP as part of its initiative to help the country develop more quickly after realizing the potential of this forerunner in re-commerce.