Pickaboo, Bangladesh’s fastest-growing mobile, gadget, and electronics-focused omnichannel platform, announced that it has raised $1.5 million in pre-series A round from Startup Bangladesh Limited, the flagship venture capital company of the ICT Division of Bangladesh, and some other investors.
An agreement was signed recently between the organizations in Dhaka to invest BDT 3 crore in Pickaboos’ Pre-series A round of $1.5 million where local and international investors are participating.
The agreement was signed in the presence of Mr. N M Zeaul Alam PAA, Chairman of the Board of Directors of Startup Bangladesh & Senior secretary of the ICT division. MD. Moinul Kabir Board Member of Startup Bangladesh and Secretary, Legislative and Parliamentary Affairs Division; Mr. Ranajit Kumar, Executive Director, Bangladesh Computer Council and Board Member of Startup Bangladesh, Managing Director of Startup Bangladesh Mr. Sami Ahmed, Head of Portfolio Investment Mr. Hasan A. Arif and Co-founder and CEO of Pickaboo Mr. Morin Talukder and Co-Founder and Chairman, Md. Aminur Rashid and other stakeholders were present on the occasion.
Since 2016, Pickaboo has been building an omnichannel platform focusing on mobile, gadgets, and electronics with the promise of offering the best service to customers by ensuring the fastest delivery and quality products.
Pickaboo is considered to be one of the most trusted ecommerce platforms in the country. The company delivers products across the country and also offers a 3-hours express delivery within Dhaka city.
The company says it has over 1 million mobile app installs and has delivered a few hundred thousand products to date. Pickaboo has also built an excellent offline operation and currently runs 18 physical retail stores across the country and building the smartest smartphone and gadget hub offline. The online and offline marriage has enabled the company to take advantage of both worlds and find a lasting competitive edge.
Pickaboo works closely with all major mobile and electronics brands in the country starting from Samsung, Realme, OPPO, Xiaomi, Vivo, OnePlus, and 200+ more. We have covered Pickaboo extensively over the years, read here.
Startup Bangladesh is the flagship venture capital company of the ICT Division. Under the visionary guidance of Honorable Prime Minister Sheikh Hasina, Startup Bangladesh, the first and only venture capital fund sponsored by the government of the people’s republic of Bangladesh started its journey on March 2020 with an allocated capital of BDT 500 crore.
Startup Bangladesh in its effort to build a vibrant startup ecosystem that nurtures digitalization has been investing in the most promising and impactful startups in Bangladesh and has continued that tradition by investing in Pickaboo, reads the release.
“Startups are playing a crucial role in addressing the market needs, which is having a deep impact on the socioeconomic development of the country. The tech solutions provided by startups could support the nation’s achieving Smart Bangladesh Vision. The government has established Startup Bangladesh Venture Capital company to support these innovative Startups. I hope Pickaboo will make a remarkable impact in the industry with this investment,” said Honorable State Minister Zunaid Ahmed Palak, MP, ICT Division on the occasion.
“Pickaboo is a very well-known brand in the e-commerce industry and doing very well. We hope the investment from Startup Bangladesh on Pickaboo will help it to reach out to more customers. I hope as a Startup they will play an active role in implementation of Smart Bangladesh. The ICT Division is working diligently in changing policies that assist the emerging and growing startups in many aspects.” mentioned NM Zeaul Alam PAA, Senior Secretary, ICT Division and Chairman of the Board of Directors of Startup Bangladesh.
“Startup Bangladesh is working diligently to support homegrown startups to grow and to build a vibrant ecosystem to attract more foreign Investment. We believe that Pickaboo is doing well in addressing the needs of customers in the Bangladesh Market. With the right strategy and focus, Pickaboo should be able to make a remarkable impact in the lives of the people of Bangladesh.”, said Sami Ahmed, Managing Director, Startup Bangladesh Limited.
Morin Hossain Talukder, Co-founder and CEO of Pickaboo said, ” We are working continuously to make Pickaboo better for our users by providing faster delivery and authentic products. The Investment from Startup Bangladesh Limited will empower us to expand our business both online and offline. We will be focusing on new product inclusion, offering faster delivery across the country and automation to ensure a smoother shopping experience”.