The things that can now be done with a smartphone were unthinkable even ten years ago. And with only a click, we may now access any location in this world anytime. The young people of Bangladesh used to dream of working elsewhere. However, they now have the chance to sit in the country and experience their dream. And the driving force behind all of these digital transformations is startups.
With the help of young entrepreneurs with extensive knowledge of information technology, the nation’s startup industry is growing every day. This is attracting a significant amount of foreign capital to the nation. A total of 909 million US dollars, including 841 million US dollars from foreign investments, were invested in 377 new businesses in Bangladesh between 2013 and 2023. Domestic investors contributed the remaining 68 million dollars, while only 7% of startup funding comes from domestic sources.
Besides, more than 1.5 million people have been employed. Nearly all of these companies’ owners and staff are young. However, a startup-friendly atmosphere is required for the complete development of this promising sector of the nation. All of the facilities required for the establishment and growth of startups will be readily available to young entrepreneurs. This is referred to as the startup ecosystem.
Startups have only been around in Bangladesh for a little over a decade. Established in 2010, BKash is the first successful startup in Bangladesh to provide mobile financial services (MFS). Besides, Bangladesh began to recognize the idea of startups in 2013. Following that, several more businesses emerged one after another.
Digital startup bKash: A symbol of Bangladesh’s success in the MFS sector. | Photo collected.
Bangladesh’s economy is expanding at an impressive 7.1% annual rate. As a result of this economic development, the nation now has a thriving startup scene. 75% of the 126 million people who use the internet do so because of the digital revolution, which is a major factor in this rise. The vast number of people using the internet is generating a sizable digital market.
But since 2020, funding for startups has grown significantly as a result of the Corona pandemic’s extensive reliance on the internet. As some domestic entrepreneurs have stepped forward, the startup sector has begun to grow in tandem with international investment.
The United States’ Silicon Valley is known as the “paradise of startups” because it is the place of the greatest number of startups worldwide. Where almost 70,000 new businesses are founded. You can see how tech startups can revolutionize a nation’s economy just by taking a look at this. And the ecosystem that is conducive to startups has made all of this possible. The role that American universities play is what drives the majority of startups in the country.
Startups in Bangladesh
Notable startups in Bangladesh include – BDJobs, Chaldal, Food Panda, Pathao, Rokomari, Sheba, Shopup Poster Boy, etc. In addition, in e-commerce, Ajker Deal, Sindabad, Khas Food, Sajgoj, Click BD, HungryNaki, Styline, Priyo Shop or in logistics and transportation, Loop, Paper Fly, Truck Lagbe, ECourier; in marketplaces, Hello Task, Handy Mama; in fintech, Paywell, AmarPay; in edutech, Eso Shikhi, Repto; in content, Maya, G&R, Bongo; in health tech, Allowell, Prova, Dims, Simed; in agritech, Drink Well, Pharmarhub, iPharmer; in deep tech, Ether, Bonton, Gaze; Software includes Brainstation23, Rightbrain, Kaj, Bari Koi, Nesenia, Fieldbuzz, Zoomsepar.
