Bangladesh food

Daraz from Alibaba Group acquires HungryNaki, a leading food technology start-up in Bangladesh to expand its presence in South Asia

  • Alibaba-owned Daraz acquires HungryNaki in initiative welcoming e-commerce giant to booming food delivery industry in Asia
  • This is the first full acquisition of a local startup in Bangladesh by a global e-commerce company and enables HungryNaki to evolve the hyperlocal delivery scene by leveraging Daraz’s complex infrastructure, technology and resources. .

DHAKA, Bangladesh, March 18, 2021 / PRNewswire / – Daraz, a subsidiary of Alibaba Group and Bangladesh‘s largest e-commerce marketplace, has announced the acquisition of HungryNaki, the country’s leading food technology company. This is the first full acquisition of a local Bangladeshi startup by a global e-commerce giant, adding to the overall growth of the Asian startup ecosystem and indicating a shift in confidence towards South Asia, in regarding investments and business.

The acquisition was signed with the aim of expanding Daraz’s service offerings to more South Asian markets, while providing HungryNaki with the long-standing expertise and experience in customer service and management that Alibaba Group and Daraz will bring to the table. To achieve this, HungryNaki will continue to operate as an independent brand within the group, lending its strong network of customers, clients and logistics while leveraging Daraz’s sophisticated infrastructure across the country.

“We aspire to be a one-stop solution for all of our customer’s needs, and entering the food delivery business is a natural movement. HungryNaki is the pioneer in the food delivery business in Bangladesh with loyal customer base. We believe, instead of building our own food delivery business from scratch, the acquisition of HungryNaki is ideal considering these two factors. We believe that by investing in infrastructure, technology and people , we can take HungryNaki to new heights, ”said Syed Mostahidal Hoq, Managing Director of Daraz.

A milestone for the ecosystem and economy of South Asian startups

In recent times, Bangladesh has seen remarkable success in the country’s development and digital transformation, including a 8% above average GDP growth rate. The hyperlocal food and grocery delivery industry contributes a huge slice of the pie, which is expected to reach over $ 5 billion by 2025.

Founded in 2013 by co-founders Ahmad AD, Tausif Ahmad and Sazid Rahman, HungryNaki (standing for “Are you hungry?”) Is the first food technology company in Bangladesh to introduce on-demand food delivery in less time. ‘one o’clock. It has played a monumental role in the evolution of the market, making food delivery accessible to as many people as possible in the country. The rapid expansion of the country and the industry, driven by local technology and startups such as HungryNaki, means huge opportunities for South Asia in terms of development, employment and innovation.

“We can certainly say that this is a good time for all of us as this acquisition by Daraz proves that our e-commerce industry is in a state of optimism. Plus, it’s a positive sign for other local startups, and this type of acquisition will play a full role in reviving our economy by accelerating the positive impacts. We will work with Daraz to make HungryNaki a formidable player in the market ”, said AD Ahmad, CEO and co-founder of HungryNaki.

Since its inception, HungryNaki has served over 500,000 customers and over 4,000 restaurants in Bangladesh’s 5 largest cities, including Dhaka, Chattogram, Sylhet, Cox’s Bazar and Narayanganj. With a pool of investors including notable names such as Robintex Group and Asif Rahman, the initially seeded startup had previously raised a total of $ 2.3 million in funding, including its pre-Series A funding and bridge funding, and has since managed to maintain a constant rate of 76%. User order return rate, which ensures steady growth in revenue of 70-90% year-over-year.

As the first food delivery startup in Bangladesh to introduce electric bicycles to its fleet, HungryNaki has also embarked on the race to zero carbon emissions, in order to reduce the company’s carbon footprint and grow. in a sustainable way. Leveraging its existing and new business networks and partnerships, including restaurants, cloud kitchens and home cooking services, HungryNaki will strive to expand its reach to more than 100 cities and become a critical player in the development of the hyperlocal delivery scene in South Asia.

Source: HungryNaki

© Scoop Media

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *