The investment marks the third investment by Aavishkaar in Bangladesh from its $75 million Aavishkaar Frontier Fund.
Operated by Zero Gravity Ventures Ltd, Sindabad.com provides offices, factories and other organisations with a platform 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,” Sindabad MD Asif Zahir said.
The company has an employee strength of nearly 250 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,” said Sanchayan Chakraborty, partner at Aavishkaar.
Bangladesh currently has more than 250 websites in e-commerce and an estimated 10,000+ Facebook-based shops. However, only a handful are attracting the funding that is required to take the companies beyond the boot-strapping stage, the statement said.
Meanwhile, Aavishkaar is an active investor in early and growth stage enterprises in India and broader Asia. Frontier Fund has invested in ten different companies in diversified sectors such as retail, automotive, pharmaceuticals, white-goods, RMG and online marketplace.
According to a Mint report in November, Aavishkaar Group was also planning to raise a $300 million for its South Asia-focused fund to invest across financial services, agriculture, energy and health. The fund will be used for investments in Vietnam, Indonesia, Myanmar and Laos among others.
Aavishkaar is currently raising capital for two of its funds – the $200 million Aavishkaar Bharat fund, an India-specific fund, and a $150 million Africa fund.