Two Bangladeshi startups, iFarmer and Tiger New Energy, have been featured in the Forbes Asia 100 to Watch 2024 list, which spotlights the region’s most promising small companies and startups, as announced by Forbes Magazine.
iFarmer: Empowering Small-Scale Farmers
Founded in 2019 and led by CEO Fahad Ifaz, iFarmer is an agritech startup that bridges the gap between small-scale farmers in Bangladesh and wholesalers. The company provides advisory services and supplies essential agricultural inputs such as seeds, pesticides, fertilizers, and animal feed. iFarmer’s app, ‘Sofol’, has garnered over 10,000 downloads on the Google Play Store, reflecting its growing reach among farmers. In 2022, the startup raised $2.1 million in a funding round led by IDLC Ventures, with additional investment from Millville Opportunities, underscoring investor confidence in its business model and growth trajectory.
Tiger New Energy: Transforming the EV Landscape
Founded in 2022 and led by CEO Nicole Mao, Tiger New Energy is a manufacturing and energy startup focused on electric vehicles. The company operates a network of over 100 battery-swapping stations across Bangladesh, serving electric three-wheelers, cars, and other vehicles. Its innovative “battery as a service” model has rapidly gained popularity, allowing users to swap batteries conveniently instead of recharging them. In June 2024, Tiger New Energy secured $1 million from ADB Ventures, following a $2.5 million seed round in 2023 led by Wavemaker Partners. These investments highlight the company’s potential to transform the EV infrastructure in Bangladesh.
The Forbes Asia 100 to Watch 2024 list recognizes startups that have captured the attention of investors despite a challenging venture capital environment in the Asia-Pacific region. This year’s list features 100 companies from 16 countries and territories, spanning diverse industries such as enterprise technology, finance, robotics, and healthcare. India leads the list with 20 companies, followed by Singapore, mainland China, Japan, and Indonesia.