Bangladeshi grocery e-commerce firm Chaldal raises $10m in Series C round

Dhaka, Bangladesh. Photo: Pixabay

Chaldal, one of Bangladesh’s largest grocery e-commerce platforms, has raised $10 million in a Series C funding round led by Taavet Hinrikus, co-founder of London-based payment company Wise.

The funding news was first reported by TechCrunch.

Other investors who participated in the round include Topia chief product officer Sten Tamkivi, Xploration Capital, and Mir Group.

The fresh funding will be used to expand the company’s operations to 15 cities and open 50 warehouses by the end of this year. In addition, Chaldal plans to expand its on-demand logistics service for small e-commerce businesses GoGo Bangla and the Chaldal Vegetable Network, which connects farmers directly to retailers.

Founded in 2013 by Waseem Alim, Tejas Viswanath and Zia Ashraf, Chaldal is a service rooted on the idea that shopping for necessities should not be a burden.

The company, which is backed by Y Combinator, claims that it has generated $40 million in revenue and performed 2.5 million orders over the past 12 months, growing about 120% year-over-year. It currently sells about 8,500 kinds of products and wants to expand that to 30,000 SKUs by December, according to TechCrunch.

It is now the country’s second-largest grocery player and the largest grocery e-commerce platform, with 27 warehouses located in four cities.

In 2018, Chadal announced a $5.5 million Series A funding round led by the International Finance Corporation (IFC), an arm of The World Bank Group, with the participation from Bangladeshi firm IDLC Finance Limited and Y Combinator.

According to Crunchbase, Chaldal raised $4.6 million Series B in 2020 from Y Combinator, Razor Capital, IDLC Finance and IFC.

Most recently, Bangladesh-based business-to-business (B2B) commerce startup ShopUp announced it has raised $75 million in a Series B round led by Valar Ventures.

ShopUp, which is focused on digitalising mom-and-pop shops in the country, raised funds from Prosus Ventures, formerly Naspers Ventures, and existing investors Flourish Ventures, Sequoia Capital India, and VEON Ventures.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.