E-commerce platforms sindabad.com and kiksha.com got $5 million from the Bangladesh-focused private equity fund Frontier Bangladesh in what can be termed as a roaring endorsement of the sector's bright prospects.
Launched in 2016, both the platforms are concerns of Zero Gravity Ventures Limited. From sindbad.com, businesses can purchase anything and everything needed to run a factory or office, whereas kiksha.com is a lifestyle e-store.
A top official of the Information and Communication Technology Division confirmed the investment but Zero Gravity declined to elaborate on the matter. “The figure is highly confidential,” said Zeeshan Kingshuk Huq, co-founder and chief executive of Zero Gravity.
The investment in Zero Gravity will primarily support the company's aggressive expansion strategy in terms of logistics, product portfolio and human resources, said Khalid Quadir, a director of Frontier Bangladesh.
Zero Gravity has nearly 150 employees and has plans to expand its warehouses in Dhaka and Chittagong.
“We have seen approximately 15-20 percent month-on-month growth for both ventures and our sustainable growth is coupled with a profit-conscious strategy,” Huq said in a statement on Sunday.
Zero Gravity is a sister concern of Ananta Group, a leading apparel exporter.
“The e-commerce arena is getting very exciting and rewarding. Within the next two years, these platforms will become number one in their own verticals,” said Asif Zahir, managing director of Zero Gravity and a director of Ananta Group.
There are more than 250 e-commerce websites and 10,000 Facebook-based shops currently running in Bangladesh.