Startup Bangladesh Limited, the first government-backed and flagship venture capital (VC) fund, has invested in Chaldal Limited in their Series C Plus fundraising round.

Startup Bangladesh co-led the round with Taavet+Sten and invested  Tk5 Crore.

State Minister for ICT Division Zunaid Ahmed Palak said: “Bangladesh holds the most promising opportunity for venture capital and private equity investments for Startup Industry in the region. Startup Bangladesh Limited is investing in startups that are contributing to our national achievement through their crucial and essential solutions towards building Smart Bangladesh.”

“I am glad to see that Chaldal through their ideas and innovation with technology, are playing a critical role in addressing the market needs and contributing to developing products and services that can be accessible and affordable for all, “ he added.

“Chaldal is one of the pioneers in the industry and an example for others to follow. The company was part of the first batch of our investments and since then has grown tremendously year on year. We are proud to be investing in Chaldal once again and hope that Chaldal will break new boundaries for the ecosystem,” said Sami Ahmed, managing director, Startup Bangladesh Limited.

The startup ecosystem in Bangladesh is full of ventures who, with their determination and hard work, can reach new limits and push the industry forward, he added.

“Having been one of the companies from the first batch in which Startup Bangladesh has invested, they have also supported us with follow-on investments in our previous rounds. I believe this fund we will be able to expand our operations further and venture into logistics, online pharmacy, and payments. Chaldal is wholly focused on Bangladesh and its future.” Said Waseem Alim, managing director, Chaldal Limited.

Chaldal, an online grocery delivery company, started its journey back in 2014 and was founded by Waseem Alim, Zia Ashraf, and Tejas Viswanath.

The company has experienced strong growth since it began operation.

Currently, Chaldal delivers around ten thousand orders per day and serves around half a million families every year.

Chaldal currently operates from 32 warehouses located in Dhaka, Chattogram, Narayanganj, Gazipur, Jashore, Khulna, Sylhet, and Rajshahi.

It is the single largest employer in the Hi-tech parks in Bangladesh.

The company currently employs around 3,000 employees in total.

Source: https://www.dhakatribune.com/