Bangladesh-based startup bags $1m to solve agri-supply problems

Photo credit: Fashol

Nearly 50% of the population in Bangladesh works in agriculture and 70% of the country’s land is used to grow crops. However, a fragmented and problematic supply chain has dissuaded a lot of foreign investment in the sector.

Fashol aims to solve this, creating “a more efficient and equitable agricultural sector” by providing farmers with direct market access and straightforward transactions via its physical Fashol Farmer Centers. The startup has now raised funds to fuel its growth.

Funding details

• Funding amount: US$1,000,000
• Other investors: Orbit Startups, South Asia Tech Partners, Ambareen Reza, Zubair Siddiky
• Stage: Early stage
• Source

“The post-harvest loss of fruits and vegetables in Bangladesh is alarmingly high [and] can get up to 40%, resulting in more than 100% higher prices for consumers compared to farmers,” Fashol co-founder Sakib Hossain said in a statement.

Founded by Hossain and Mamunur Rashid in 2020, the firm eliminates the need for middlemen in the supply chain, allowing small retailers to also benefit from competitive pricing and more streamlined sourcing.

The fresh funds will be used to automate transactions, increase the efficiency of Fashol’s workforce, and improve its data usage to help close the supply and demand gap. The startup will also open more Fashol Farmers Centers and microdistribution  centers this year.

More details