Two Bangladeshi startups make it to Forbes list

Two Bangladeshi companies—ride-sharing platform Pathao and job-searching digital platform Moshtar—have made it to the list of top 100 startups in the Asia-Pacific region. The list was published by world-renowned magazine Forbes.

Pathao has made it to the Forbes list in the Consumer Technology category. Fahim Ahmed, the CEO of the company, which started its journey in 2015. Along with ride-sharing, Pathao has now become a multi-faceted technology company with food delivery, e-commerce, logistics and fintech services.

According to the company, the Pathao app has been downloaded more than 6 million times so far and more than 70 million journeys and work orders have been completed in Bangladesh and Nepal. Pathao raised $12 million in a pre-Series B round led by VentureSook last year, bringing the total investment to $50 million. With this funding, Pathao is expanding its fintech services, such as Pathao Pay (digital wallet) and Pay Letter (buy now, pay later).

Another Bangladeshi startup has made it to the list in the consumer technology sector category. Pathao helps job seekers find suitable jobs based on their skills and goals. Candidates can create digital profiles, apply for jobs and participate in online training. On the other hand, organizations can use ‘Sambhavo’ to screen candidates, outsource the recruitment process and manage salaries and allowances.

Pathao originally started its journey to find jobs for low-income women. In 2023, the company received a grant of $ 300,000 from the Gates Foundation. In May this year, the company raised $ 1 million in pre-seed funding led by Singapore-based Kukun Capital.

Indian startups have made the most places on the Forbes list, with a total of 18. Followed by Singapore and Japan with 14 each. China has 9, Indonesia and South Korea have 8 each, and Australia has 7.

A startup is a business venture that offers a new and simple solution to a specific problem. These technology-based companies can be software, apps, e-commerce, agri-tech, or social enterprise-based. Startups have the ability to scale up faster than traditional businesses.