Bangladesh Startups Shine on International Stage
Tiger New Energy, a leader in battery-swapping solutions for electric vehicles in Bangladesh, and iFarmer, an agritech platform supporting small-scale farmers, have both been featured in Forbes Asia’s prestigious 100 to Watch list for 2024.
Now in its fourth year, the Forbes Asia 100 to Watch list highlights innovative and impactful startups across the Asia-Pacific region that are driving change and attracting investor attention.
Selected from a pool of fast-growing companies, these startups are acknowledged for their contributions to sectors as diverse as manufacturing, agriculture, fintech, and healthcare.
Tiger New Energy
Founded in 2022, Tiger New Energy has rapidly expanded its network of over 100 battery-swapping stations across Bangladesh. The company provides a crucial service to the country’s growing electric vehicle market, offering “battery as a service” for electric three-wheelers, cars, and other vehicles.
With significant backing from investors such as ADB Ventures, which contributed $1 million in June 2024, and $2.5 million in seed funding from Wavemaker Partners in 2023, Tiger New Energy is leading the charge towards a sustainable future.
“We are thrilled to be included in this year’s Forbes Asia 100 to Watch list. This recognition is a testament to our team’s commitment to revolutionizing energy solutions in Bangladesh and beyond,” said Nicole Mao, CEO of Tiger New Energy.
iFarmer
Joining Tiger New Energy on the Forbes list is iFarmer, an innovative agritech startup that was founded in 2019. iFarmer connects small farmers with wholesalers and offers access to essential agricultural inputs such as seeds, fertilizers, and pesticides. Through its Sofol app, which has been downloaded over 10,000 times, iFarmer provides critical advisory services to empower farmers.
The startup secured $2.1 million in funding in 2022, led by IDLC Ventures, positioning itself as a key player in Bangladesh’s agricultural landscape.
With its focus on improving the livelihood of farmers and increasing agricultural productivity, iFarmer has become a beacon of innovation in Bangladesh’s agritech sector.
A Shared Vision for Growth and Sustainability
Both Tiger New Energy and iFarmer are recognized for their commitment to driving positive change through sustainable business models. These two trailblazing startups demonstrate Bangladesh’s growing potential as a hub for innovation and investment in energy and agriculture.
Forbes Asia’s 2024 list showcases companies from 16 countries across 10 industries, celebrating those with a strong innovative streak and promising business models. The companies featured have collectively drawn over $2 billion in investments, despite challenging economic conditions.
