In a move that underscores the growing importance of location-based services and geospatial mapping in the digital economy, IDLC Venture Capital announced that it has invested BDT 2 Cr in Barikoi, the Dhaka-based mapping solution for business startup. This marks the sixth investment by IDLC Venture Capital Fund I. Previously, the local VC fund has backed companies like Chaldal, Intelligent Machines, iFarmer, Truck Lagbe, and Agrogga.
Founded in 2018 by Md Al-Amin Sarker and Sadman Sakib, Barikoi has emerged as a pioneering provider of mapping solutions for businesses seeking to streamline their logistics and operations. With a keen understanding of the challenges posed by Bangladesh's complex urban landscapes and the need for accurate, up-to-date mapping data, the company has set out to create a robust geospatial mapping infrastructure tailored to the country's unique needs.
Barikoi says by leveraging cutting-edge technologies and proprietary data collection techniques, it provides accurate and up-to-date mapping data, enabling businesses to optimize their logistics, enhance their operational efficiency, and deliver superior customer experiences. The company says it has been able to get the attention of multinational corporations, banks, and leading startups operating in Bangladesh.
The investment from IDLC Venture Capital will likely provide Barikoi with the necessary resources to expand its operations and enhance its product offerings.
This story has been updated with new information on 22 May 2024.
