Startup BD to invest 5cr in re-commerce platform Swap

Business Desk :
The country’s first re-commerce platform Swap will soon be getting investment from Startup Bangladesh, the flagship venture capital company of the ICT Division.
An agreement has recently been signed between the organizations for a Tk5 crore investment in the pre-series A round.
The startup that enables low-income households to buy, sell and exchange products — increasing economic participation and access to technology in an emerging market such as Bangladesh, has generated more than $43 million in gross merchandise value (GMV), with a current monthly GMV of over $2.5 million since 2020, according to a media statement.
The startup has so far landed a total of $1.9 million in funding over 3 rounds.
Funded by four investors, Startup Bangladesh Limited and ZA Capital Advisory are the most recent investors of Swap.
Accelerating Asia and Bangladesh Angels have also invested in the platform earlier.
Startup Bangladesh, the first and only venture capital fund sponsored by the government, started its journey in March 2020 with an allocated capital of Tk500 crore.
Startup Bangladesh aims to support homegrown startups to grow and reach heights that generate higher standards for more foreign investment. The local startup ecosystem is greatly influenced by prospective ventures like Swap, said Sami Ahmed, managing director of Startup Bangladesh. With the right strategy and focus, Swap will be able to make a remarkable example as a successful and sustainable startup in the ecosystem, he also said.
“We believe that Swap provides a solution that the Bangladesh market greatly needs. By building an ecosystem for pre-owned goods, we are providing our country’s low and middle-income households access to technology at an affordable price while encouraging the circular economy mandate,” said Swap CEO and co-founder Parvez Hossain.
“By reusing and increasing the lifespan of electronic devices and light vehicles, we can also ease the pressure on import of such goods, easing the stress on our dollar reserve,” the startup’s top-brass stated. Swap says it has served over 80,000 customers till date and has also helped to reduce 3,650 tonnes of carbon emission and saved more than 386 tonnes of e-waste as part of the commitment to reduce carbon footprint and contribute to an environmentally sustainable e-commerce industry in emerging markets.