Sindabad, the country’s first business-to-business (B2B) e-commerce platform, raised $4.15 million from Aavishkaar Frontier Fund (AFF), a venture fund managed by Aavishkaar, a leading Asian impact investment company. The investment marks the third investment by Aavishkaar in Bangladesh from its $75 million Aavishkaar Frontier Fund.
Sindabad, a concern of Zero Gravity Ventures Ltd, provides business buyers a convenient, transparent and seamless platform for manufacturing and consumption purchases with direct-to-office deliveries. Since its launch in 2016, Sindabad has been growing rapidly. Its clients include leading financial institutions, readymade garments manufacturers, pharmaceuticals, and local conglomerates.
This new investment in Sindabad will help them to incorporate best practices and future collaboration with similar companies and start-ups in the region who have already succeeded in the B2B space.
The e-commerce giant grows 15 percent month-on-month with current base of more than 500 corporate and 2,000 small companies as their customers. Last year, the platform raised $5 million from a Bangladesh-focused private equity fund managed by Brummer and Partners Bangladesh.
Aavishkaar believes Sindabad has the potential to rewrite the B2B transaction model for corporates and SMEs in Bangladesh, said Sanchayan Chakraborty, partner at Aavishkaar.
Aavishkaar is an active investor in early and growth stage enterprises in India and broader Asia. This is the third investment of the company in Bangladesh.
There are about 1,500 website-based and 10,000 Facebook-based e-commerce platforms in Bangladesh, but only a handful are attracting funds required to take companies beyond the bootstrapping stage.