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Rising Startup Ecosystem of Bangladesh

Rising Startup Ecosystem of Bangladesh

The startup ecosystem in Bangladesh is on the rise, experiencing an increasing flow of investments. The country ranks 89th in the global startup ecosystem and 114th in the international innovation index.

In late 2023, Bangladesh was projected by the Mastercard Economics Institute (MEI) to be the world’s second fastest-growing economy after India among 46 countries. Bangladesh Bank (BB) data showed gross FDI inflows from July to January this year amounted to $2,431 million, down from $2,806 million in the same period the previous year.

Bangladesh has over 2,500 active startups, with 200+ new startups emerging annually.

In the fiscal year 2023-24, Bangladesh attracted $72 million in investment through 45 deals. Among these deals, 14 secured $49 million alone.

Despite a one in ten success rate for startups, investors and accelerators are attracted to Bangladesh’s growth potential. The government is actively supporting startups through startup funding, mentorship, and infrastructure initiatives.

The Bangladesh government promotes foreign investment through institutions like BIDA (Bangladesh Investment Development Authority), offering a one-stop service for angel investors, including assistance with licenses, land acquisition, and aftercare. Additionally, initiatives like economic zones, simplified procedures, and tax incentives further encourage foreign direct investment (FDI).

Each startup in Bangladesh is known for innovation and a strong, efficient work structure. Bangladesh is positioned as a leading developing nation in South Asia due to its thriving startup ecosystem.

Companies such as Y Combinator, the Bill and Melinda Gates Foundation, and Hustle Funds have demonstrated interest in and invested in startups in Bangladesh.

Garments and textile, Information Technology and Outsourcing, Energy and Power, and Pharmaceutical and Healthcare are the industries in which foreign investors are increasingly taking interest.

bKash and Nagad are currently the two unicorn startups in Bangladesh, but more unicorn startups are expected to emerge in the near future.

Some Portfolio Startups | Rising Startup Ecosystem of Bangladesh

Zantrik

Bangladesh’s automobile industry is being digitalized by Zantrik. This leads to transparency, quality, and value for car owners. This adds to efficiency and quicker expansion for garages.

Hishab

Tech startup Hishab wants to enable the majority of Bangladesh’s impoverished illiterate, or even uninformed citizens to utilise software without any prior training.

Adeffi

As the leading out-of-home advertising platform in the nation, Adeffi leverages its tech-driven OOH platform and the gig economy to provide companies in Bangladesh with data-driven outdoor advertising.

Pavilion

Pavilion is a specialised website that talks about sports in Bangladesh, where users can get all the news about sports in the country or outside the country with one click in Bengali.

Arogga App

The Arogga App is an app that delivers healthcare and medication services right to your home. It delivers the whole line of prescription and healthcare products from a wide variety of medications.

Bongo

In Bangladesh, Bongo is a streaming video-on-demand service. With almost 15,000 complete films, dramas, TV series, music videos, and songs, Bongo’s collection is constantly expanding. In addition to receiving praise from Silicon Valley and financing from European companies, Bongo has already been acknowledged with a top start-up in Bangladesh award.

MedEasy

MedEasy is an online medical platform that gives users access to a range of medical services. MedEasy is a one-stop shop for all medical need. It provides a range of services, including lab testing, doctor consultations, medication delivery, and more.

Markopolo

Markopolo is a growth marketing AI infrastructure. A software as a service (SaaS) called Markopolo helps improve online sellers’ paid marketing campaigns. It offers creators and microbusinesses an advertising solution on its markopolo.ai platform.

Amar Lab

Amar Lab is a diagnostic marketplace in Bangladesh connecting customers with labs offering a wide range of tests at affordable prices and delivering reports online within hours. For patients who have trouble getting to medical institutions due to transportation issues, disabilities, ageing, or hectic schedules, Amar Lab offers lab services.

OpenRefactory, Inc.

OpenRefactory, Inc. is developing power tools that allow developers to automatically fix security problems in their software. OpenRefactory, Inc.’s automated analysis and correction tools eliminate bugs and vulnerabilities in complex digital systems to prevent damaging failures, losses, and injuries.

Conclusion

The Startup Ecosystem of Bangladesh is blooming due to digitization, changes in demographics, and supportive government policies. It is accelerating the pace of startup investments in the country.

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