IDLC VC invests in Barikoi
IDLC Venture Capital, IDLC Asset Management Limited's alternative investment wing, has recently invested in BariKoi Technologies Limited. Barikoi is a software company building mapping solutions for businesses and government agencies in Bangladesh.
Md Al-Amin Sarker Tayef and Sadman Sakib founded the startup in 2018 to build Bangladesh's geo-spatial mapping infrastructure.
Global mapping solution providers lack the high volume of data required for local operations. Barikoi's mapping infrastructure fits this market gap and has built some of the best location-based SaaS products.
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Currently, they are working with large multinational corporations, city corporations, banks, and leading startups in Bangladesh. Their clients include Dhaka North City Corporation, Unilever, City Bank PLC, Bangladesh Post Office, IDLC Finance PLC, and Truck Lagbe.
"We're thrilled to secure local institutional investment in Bangladesh despite the funding winter, highlighting our business strength. With these funds, we plan to accelerate our go-to-market push and expand our services to more businesses in Bangladesh," said Tayef, co-founder and CEO of Barikoi Technologies Limited.
Syed Javed Noor, Partner of IDLC of Venture Capital Fund I and Deputy Managing Director of IDLC Finance PLC., said, "We believe Tayef, Sadman, and the Barikoi team will successfully steer the company in the right direction to optimise the operations of businesses and government agencies of Bangladesh through accurate and precise geospatial data."
Mr. Noor added, "Startups like Barikoi will define the next decade for Bangladesh's tech ecosystem. More services and solutions can be built and integrated into their infrastructure."
Barikoi has the vision to start operating globally and become South Asia's leading location-based SaaS startup. With this investment, IDLC VC's portfolio now comprises six scalable startups – Intelligent Machines, Truck Lagbe, iFarmer, Arogga, Pickaboo, and Barikoi – all solving fundamental problems in large markets of Bangladesh.
