Bangladesh e-commerce firm Sindabad gets $4 million booster from India’s Aavishkaar

Bangladeshi business-to-business (B2B) e-commerce firm Sindabad.com Ltd has received about $4 million in investment from India’s impact venture firm Aavishkaar Venture Management Services Ltd.

The investment marks the third investment by Aavishkaar in Bangladesh from its $75 million Aavishkaar Frontier Fund, Deal Street Asia reported on Tuesday.

Sindabad.com is operated by Zero Gravity Ventures Ltd.

The platform is for offices, factories and other organisations to make manufacturing and consumption purchases with direct-to-office deliveries.

Launched in 2016, the startup counts leading financial institutions, raw material manufacturers, pharmaceuticals, and local conglomerates among its clients.

“With the greater investment portfolio of Aavishkaar Ventures, we are looking to incorporate best practices and future collaboration with similar companies and startups in the region who have already succeeded in the B2B space,” Deal Street Asia quoted Sindabad MD Asif Zahir as saying.

The company employs nearly 250 people and claims to have already established three modern warehouses and own delivery fleet in various parts of Dhaka.

“Aavishkaar believes Sindabad.com has the potential to rewrite the B2B transaction model for corporates and SMEs in Bangladesh. We look forward to working with the team in fine-tuning strategy and scaling up the business,” Sanchayan Chakraborty, partner at Aavishkaar, is quoted to have said by the report.

Bangladesh currently has more than 250 websites in e-commerce and an estimated 10,000+ Facebook-based shops, according to the report.