Two e-commerce sites get $5m investment

E-commerce platforms sindabad.com and kiksha.com got $5 million from the Bangladesh-focused private equity fund Frontier Bangladesh in what can be termed as a roaring endorsement of the sector’s bright prospects.

Launched in 2016, both the platforms are concerns of Zero Gravity Ventures Limited. From sindbad.com, businesses can purchase anything and everything needed to run a factory or office, whereas kiksha.com is a lifestyle e-store.

A top official of the Information and Communication Technology Division confirmed the investment but Zero Gravity declined to elaborate on the matter. “The figure is highly confidential,” said Zeeshan Kingshuk Huq, co-founder and chief executive of Zero Gravity.

The investment in Zero Gravity will primarily support the company’s aggressive expansion strategy in terms of logistics, product portfolio and human resources, said Khalid Quadir, a director of Frontier Bangladesh.

Zero Gravity has nearly 150 employees and has plans to expand its warehouses in Dhaka and Chittagong.
“We have viewed about 15-20 percent month-on-month growth for both ventures and our sustainable growth is coupled with a profit-conscious strategy,” Huq stated in a statement on Sunday.

Zero Gravity is a sister concern of Ananta Group, a main garb exporter.

“The e-commerce area is getting very exciting and rewarding. Within the next two years, these systems will end up number one in their personal verticals,” stated Asif Zahir, managing director of Zero Gravity and a director of Ananta Group.

There are extra than 250 e-commerce web sites and 10,000 Facebook-based stores presently going for walks in Bangladesh.