IFC To Invest Up To $3m In Chaldal: Deal Street Asia
Fast-growing local online grocery startup Chaldal is going places. International Finance Corporation (IFC), a member of the World Bank Group, has proposed to invest around $2-3 million in the company as a part of the company’s $4-6 million Series A round which Chaldal is in the process of raising, according to a Deal Street Asia report that cites “pre-investment filing” of IFC as the source.
- Chaldal, the leader in online grocery space in Dhaka, was founded in 2013 by Waseem Alim, Zia Ashraf and Tejas Viswanath.
- The YC company previously raised two rounds of funding from investors both in the US and Bangladesh.
- Chaldal has five warehouses in the city and delivers over thousand orders per day and claims to have over 50,000 subscribers and 200 business customers.
- It has also launched a Logistics Spin-off called Go Go Bangla that serves small scale eCommerce companies with deliveries.
- IFC has been active in investment scene in Bangladesh. Previously, it has invested in companies like Solaric among others through SEAF. Since January this year, it has invested in a handful of companies including Ananta Apparels, Excelerate Energy Ltd, Sembcorp Bangladesh JV and Dhaka Bank. However, if Chaldal investment goes through, it will be IFC’s first investment in any local ecommerce startup.
Note: This is a developing story and will be updated