Bangladesh-based tech-led logistics startup Rapido Ltd. has raised $100,000 seed funding at an undisclosed valuation in a round backed by local angels.
Among the investors are individuals who were early investors in e-Commerce platforms and tech startups.
Founded in 2016, Rapido provides e-Commerce delivery solutions including packaging, order management, order tracking, and doorstep delivery all across Bangladesh. The team spent 4 years developing its own platform which enables e-commerce entrepreneurs to do business from the comfort of their homes.
The startup plans to use the funds to significantly scale up its operation in Bangladesh and develop its express delivery, grocery delivery, and food delivery segments. Rapido plans on harnessing the power of technology to develop its platform and seamless experience for the end customer.
"The e-commerce market in Bangladesh is currently standing at $ 2 billion and is increasing at 50% every year. We have noticed a rising demand in the express delivery market and we plan on providing the most cost-efficient solution to the businesses with the help of innovation in the supply chain model. Our team is very excited to take on this challenge." Says the founder and CEO, Shamdanee Tabriz.
Rapido is currently serving over a client base of 3,500 businesses and helped them to deliver over 5, 00,000 packages all across Bangladesh. It previously received a government grant from the a2i Innovation Grant from the Idea Project and a seed loan from BRAC University's Centre for Entrepreneurship Development (CED).