500 Startup Increases Its Presence In Bangladesh With ChalDal.
Seed fund and accelerator 500 Startups has decided to take a gamble with Dhaka-based online grocery site ChalDal, reported recently by source at TechCrunch.
This would be the very first time the California-based firm has made an investment in Bangladesh, which highlights the investors increasing interest in southern Asian country are considered to be a very difficult area for startups to launch due to its political economic uncertainties.
Disclosing and Opportunities.
The amount of seed funding has of yet to be disclosed but it will help the startup increase beyond Dhaka, the capital city. It will also be deploying towards creating more sturdy back-end infrastructure for the platform.
500 Startups Venture Partner Pankaj Jain had commented in an interview with TechCrunch that, ”ChalDal is our first investment in Bangladesh where we believe interesting opportunities will emerge over the next few years in ad tech, e-commerce, and like India, solving local problems. We’re seeing talent from the Valley and other parts of the world bringing their experience and expertise to a new local ecosystem in Dhaka and we’re thrilled to be a part of the emerging story with our first investment in Bangladesh.”
CalDal was first found during the previous year by Waseem Alim, Zia Ashraf, Tejas Viswanath. Alim, who previously worked with a financial planning firm named SigFig before finding ChalDal, Told TechCrunch in an interview that over 160 million people in Bangladesh provide a market for those who are looking for a problem free way of shopping and doing business.
He said, “Bangladesh shares demographic characteristics of India, has 15% the population of India and is 3- times more dense. The unit economics in Bangladesh is going to be better than in India.”
During trying to launch a startup in Dhaka is extremely difficult, the number of companies establishing in Bangladesh is increasing. One of the driving phenomenon is because of the success of the content syndication firm NewsCred. The startup was launched by a group of entrepreneurs from that very country, has managed to secure #45 million in venue capital funding so far. Furthermore, the Internet and mobile infrastructure of Bangladesh has also improved, which has allowed people to do even more business online.