Garirbazar Acquires Motor-Bazar.com
The two leading automotive portals in Bangladesh have combined to become a dominant powerhouse in the Bangladesh online car classifieds marketplace.
Leading car-classified website in Bangladesh motor-bazar.com was recently acquired by one of Bangladesh’s largest online automotive portals www.garirbazar.com, said a press release sent to Future Startup. The companies did not disclose the details of the deal.
Motor-bazar and Garirbazar both operated independently as online marketplaces in the Bangladesh automotive sector providing locals an online portal to buy and sell automobiles and adjacent services and products.
The two companies came to the same realization that Bangladeshi consumers clearly lacked variety and choice to compare the best prices and quality of cars offered by various motor dealers. By joining forces, the combined website will now offer a greater variety of quality cars, bikes, trucks and auto-parts and consumers will benefit from better prices and choice.
Garirbazar is backed by global internet company AsiaCar Group which has investments in over 19 Asian different countries including Bhutan, Nepal, Myanmar to name a few. AsiaCar Group’s investment in Garirbazar and Motor-bazar is a testament to Bangladesh’s flourishing technology start-up sector.
AsiaCar Group’s CEO and Co-Founder, Fredrik Orrenius said “Bangladesh is a key strategic investment for us due to the country’s strong economic growth, quality of talented young people and Bangladesh’s entrepreneurial culture and resilience. Garirbazar is perfectly positioned to take advantage of this Bangladesh online marketplace opportunity.”
The combined entity is registered locally in Bangladesh under the name Tiger Digital Ventures (TDV). TDV has already secured two relationships with two local financial institutions and over 100 car dealerships in Bangladesh. Co-Founder of Motor-Bazar, Sabil Chowdhury commented “TDV’s local profile with local domain names, content, languages, and social media has proven to be key for higher reach and higher engagement”.
TDV will continue to operate www.garirbazar.com and redirect traffic from Motor-Bazar.com to Garirbazar to become the premier “one-stop-shop” for all automotive products, services, and needs in Bangladesh. As a result, users of Garirbazar will benefit from better choice, prices, content and user experience.
TDV’s portals and business approaches have matured over the past years to a proven progressive marketplace portal with the growth being based on the combination of technology, digital business engineering and on the ground local team and execution. “Our team has a track record, connections, and unique domain expertise to tap into the massive 170 million Bangladesh market for marketplace portals and online digital technology” Fredrick Orrenius.
Now as the leading player in Bangladesh’s lucrative online automotive marketplace, the possibilities for TDV and www.garirbazar.com are endless. The acquisition of Motor-Bazar provides aspiring entrepreneurs in Bangladesh inspiration and a strong sense of confidence about the quality of deal-flow and activity happening in Bangladesh’s tech start-up scene.