SWAP, Bangladesh’s first re-commerce platform, announced that it has raised $1.25 million in Seed Funding, led by Accelerating Asia with participation from ZA Capital Advisory, Bangladesh Angels and Southeast Asian angel investors.
Bangladesh, being the 8th largest country for mobile phone users, has been facing a growing e-waste challenge like many other countries globally. SWAP, being the first re-commerce platform in Bangladesh, solves the problem by offering customers both convenience and safety while ensuring guaranteed selling of old products from their doorstep in less than 24 hours. SWAP also provides consumers with an avenue to properly discard their e-waste.
With an addressable market of over $3 billion, SWAP operates as a C2B, B2B and C2B2C marketplace where customers can buy, sell or swap used electronics and automobiles. Users can use a host of platforms, payment methods and service fulfillment options all while ensuring reliability and affordability. The platform enables many low-income earners to purchase, sell and exchange products increasing economic participation and technology accessibility in emerging markets.
Founded in 2020, SWAP says it has generated more than $14.5M in Gross Merchandise Value (GMV), with a current monthly GMV of over $1.7M. The company says it has served over 40,000 customers till date and is poised to scale-up significantly in the next 6-12 months.
With a mission to be the topmost, reliable re-commerce platform, SWAP aims to become a market leader and a global example of success for the circular economy approach and sustainable e-waste management venture.
With e-waste poised to hit 4.5 million tons by 2025, SWAP says it has helped to reduce 1100 Metric ton of carbon emission and saved more than 65 metric ton of e-waste in Bangladesh, as part of the commitment to reduce carbon footprint and contribute to an environmentally sustainable ecommerce industry in emerging markets.
The new injection of funds will enable SWAP’s growth and contribute to its mission.
SWAP has introduced first ever cross category exchange platform to facilitate the quickest upgradation program from even one category to another, certified pre-owned products for consumers at as low as 60% of retail value with 1 year full warranty and insurance coverage including liquid and accidental damage and has enabled over 3000 agents with additional income source in the country.
“We want to be Bangladesh’s most trusted platform for anyone trying to buy, sell or exchange in Bangladesh. We believe we can do that by providing our customers with as many choices as possible with the most affordable plans, from which they can pick the ideal one for them,” SWAP CEO and Co-Founder Parvez Hossain said.
As the lead investor, Accelerating Asia sees the potential in SWAP and the founding team to deliver returns for the early-stage VC accelerator that operates across Southeast and South Asia.
“SWAP is perfectly positioned at the intersection of ecommerce and circular economy, helping the aspiring middle classes in emerging economies access modern technologies while minimising the impact of digital waste through recycling of used devices. Parvez and the team have proved to have the right mix of skills and experience to execute on this model. We look forward to seeing SWAP continue its rapid business expansion for years to come,” Accelerating Asia General Partner Craig Bristol Dixon said.
Zahedul Arefin, Founder and CEO of ZA Capital Advisory and also Advisor to SWAP mentioned “SWAP has the potential to build the ecosystem for the circular economy of Bangladesh by connecting the nexus of e-waste, retailers, consumers and ensuring reusability and affordability for the masses. We are happy to be associated with one of the most promising and innovative online startups of the country.”
