Sindabad, Kiksha owner secures funds from Frontier Bangladesh

Zero Gravity Ventures Lt, an e-commerce incubator from one of the country’s leading conglomerates, Ananta Group, has secured Series A funding from Frontier Bangladesh, the company said in a statement.

Frontier Bangladesh, a Bangladesh-focused private equity fund, has invested in Zero Gravity which operates two e-commerce sites: Sindabad.com and Kiksha.com.

Sindabad.com is the country’s first B2B online shop where offices, factories or any business organisations can purchase their regular consumptions online in a transparent, seamless way. Orders are delivered at their offices or factory premises by sindabad.com on time.

Kiksha.com is a B2C online shop for fashion, lifestyle products, mobiles, gadgets, electronic appliances and home décor items.

Both ventures were launched in 2016.

 “We have seen approximately 15-20 percent month-on-month growth of both ventures, and have ensured sustained growth,” said Zeeshan Kingshuk Huq, co-founder and CEO of the company.

With both companies combined, Zero Gravity has an employee strength of nearly 150 and it is fast expanding with warehouses in Dhaka and Chittagong.

“The investment in Zero Gravity will primarily support the company’s aggressive expansion strategy in terms of logistics, product portfolio and human resources,” said Khalid Quadir, a director of Frontier Bangladesh.

Congratulating the founders, State Minister for ICT Zunaid Ahmed Palak has said: “These young entrepreneurs are not only taking Bangladesh e-commerce ahead, but also have been able to attract large global investment to Bangladesh.

“Sindabad.com and Kiksha.com both carry a reputation for being smart and forward thinking. The e-commerce arena is getting very exciting and rewarding," said Asif Zahir, managing director of Zero Gravity and director of Ananta Group.

"Our sustainable growth is coupled with a profit-conscious strategy. Within the next two years, both Sindabad.com and Kiksha.com will become number one in their own verticals.”

Bangladesh currently has more than 250 websites in e-commerce and an estimated 10,000+ Facebook-based shops. However, only a few are attracting the funding that is required to take companies beyond the boot-strapping stage.