As the startup ecosystem in Bangladesh continues to evolve, fascinating companies are emerging regularly that are worth watching closely. This iteration of our startups to watch report highlights 4 such startups that are making notable strides in their respective industries — from sustainable packaging solutions to digital healthcare platforms, cashback marketplaces, and insure-tech innovations. These startups demonstrate the entrepreneurial spirit and technological progress taking root in the country, pointing to Bangladesh's growing potential as a hub for impactful tech startups. Let's take a closer look at what makes these 4 startups stand out and why they are worth keeping an eye on.
Founders: Rashik Hassan and Riasat Zaman
Founded: 2020
Description: EcoVia is a clean-tech startup based in Bangladesh that specializes in creating compostable packaging solutions from clothing waste. The company aims to combat plastic pollution by providing eco-friendly alternatives that decompose naturally, returning to the earth as healthy compost.
Business Model: EcoVia's business model revolves around the production and sale of customizable, compostable packaging products, including apparel bags, shopping bags, grocery bags, and mailer bags. These products are designed to be as strong and functional as traditional plastic bags while being environmentally friendly. The company emphasizes affordability, ensuring that its biodegradable bags are competitively priced with non-biodegradable options.
Funding: EcoVia secured pre-seed funding from BYLC in 2020 and followed it up with a seed funding round from the local conglomerate Dekko ISHO Group in 2021. The funding has facilitated the execution of pilot projects and the launch of commercial operations.
Why to Watch: EcoVia is gaining attention for its innovative approach to sustainability in the packaging industry. By turning clothing waste into biodegradable packaging, the startup addresses two major environmental issues: plastic pollution and textile waste. EcoVia's mission aligns with global sustainability goals, making it a startup to watch in the clean-tech sector.
Further reading:
Founders: Ashraful Alam, Bobby Samuel
Founded: 2017
Description: Health OS is a digital health startup with operations in Dhaka, Bangladesh. The company provides software solutions and runs tech-enabled operations to drive the digitization of healthcare services and supply chains. The company says it is the largest digital distribution and logistics platform for healthcare and pharmaceutical products in Bangladesh
Business Model: Health OS operates the biggest online supply marketplace for pharmacies in Bangladesh, serving over 4,000 customers monthly. By digitizing the pharmaceutical supply chain, the company helps pharmacies buy products more conveniently, with quick delivery and increased price transparency. Health OS's operations include its own warehouse, delivery fleet, and proprietary software.
Why to Watch: Health OS is noteworthy for its innovative approach to empowering pharmacies and hospitals with modern software. The company aims to accelerate the transition to a future where quality healthcare and medication are accessible and affordable for millions of people.
Founders: Aminul Islam
Founded: 2022
Description: Ayykori is Bangladesh's first cashback and affiliate marketplace. It offers users the opportunity to save money and earn extra income through cashback on purchases.
Business Model: Ayykori operates as a cashback and affiliate platform, allowing users to earn money back on their purchases from various brands and merchants. The company partners with businesses to provide affiliate marketing opportunities.
Why to Watch: Ayykori is pioneering the cashback and affiliate marketing space in Bangladesh. As the first mover in this segment, the startup has gained recognition and awards, indicating its potential for growth and impact in the e-commerce landscape. Ayykori's innovative approach to empowering consumers and businesses through its platform makes it a noteworthy startup to watch in the coming years.
Further reading:
Founders: Shawon Shahriar, Saiful Islam
Founded: 2020
Description: Chhaya.xyz is an online insurance platform and a brand of Expotech Solutions Ltd, a company based in Bangladesh. The company runs an online insurance platform designed to provide accessible and dependable insurance services. The company offers affordable insurance plans, a simple registration procedure, an easy claims submission process, and a paperless service, enabling users to access insurance services.
Business Model: Chhaya offers affordable insurance plans with a simple registration procedure and an easy claims submission process. The platform provides a 100% paperless service, allowing users to register and claim insurance conveniently.
Funding: $125,000
Why to Watch: Chhaya is pioneering insure-tech in Bangladesh by making insurance more accessible and user-friendly. Access to insurance remains extremely low in Bangladesh, and Chhaya has an opportunity to tap into that opportunity.
