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.