International Finance Corporation (IFC) has proposed to invest around $2-3 million in Bangladesh-based online grocery supplier Chaldal Inc.
The investment will be a part of the company’s $4-6 million Series A round, IFC said in its pre-investment filing. The funding will help Chaldal to support its growth plans.
Chaldal was founded in 2013 by Waseem Alim, Tejas Viswanath and Zia Ashraf. It earlier raised two rounds of seed funding from angel investors and early stage VC funds. The company has five warehouses in the city.
According to the company’s website, Chaldal has more than 50,000 subscribers and over 200 business customers across Dhaka.
In Bangladesh, IFC has supported a number of companies since January this year. These include up to $6 million in Ananta Apparels, an undisclosed sum in Excelerate Energy Ltd, up to $20 million debt in hospitality firms, a $165 million debt to Sembcorp Bangladesh JV and $55 million to Dhaka Bank.
IFC has been actively investing in many companies across the sectors globally. Most recently, it announced an investment of up to $50 million for a renewable energy project which will be developed by Arinsun Clean Energy Pvt Ltd, a subsidiary of Solenergi Power Pvt Ltd.
IFC also proposed to invest up to $44 million in China’s JD Finance agri lending firm, $5 million in Singapore’s Wavemaker SEA Fund II, $53.4m financing to Korea’s KOSPO-owned Daehan Wind Power Co among others.