Pickaboo, one of the country's leading ‘Omni channel' platforms that sell mobile and gadgets, has recently announced raising $1.5 million in its pre-series A round.
An omnichannel strategy is a method that helps businesses create a seamless experience for customers across all the channels through which it sells, encompassing the online and offline touchpoints of a brand, from a point-of-sale system to social media-shoppable post, and it is not just for retailers anymore.
Startup Bangladesh Limited, the flagship venture capital company of the Information and Communications Technology (ICT) Division of Bangladesh, as well as other investors — both local and global — have invested in the round between seed and Series A.
An agreement was signed recently between Pickaboo and Startup Bangladesh Ltd of the platform receiving Tk3 crore ($282,000 approx) from the local VC in its pre-series A round of $1.5 million and the rest coming from other investors.
According to Crunchbase, prior to the pre-series A round, Pickaboo had raised a total of $5 million over five rounds in its seed round.
Since 2016, Pickaboo has been building an omnichannel platform focusing on mobile, gadgets and electronics with the promise of offering the best service to customers by ensuring the fastest delivery and quality products.
Considered to be one of the most trusted e-commerce platforms in the country, the company delivers products across the country and also offers a 3-hour express delivery within Dhaka city, aspiring to be one of the leading platforms to sell mobile and gadgets and sees a realistic path to becoming a unicorn - a contemporary business term for a billion-dollar company.
“Startups are playing a crucial role in addressing the market needs, which is having a deep impact on the socioeconomic development of the country. The tech solutions provided by startups could support the nation's achieving Smart Bangladesh Vision. The government has established Startup Bangladesh Venture Capital company to support these innovative startups. I hope Pickaboo will make a remarkable impact in the industry with this investment,” said State Minister of ICT Division Zunaid Ahmed Palak on the occasion.
As quick commerce gained momentum across markets, Pickaboo doubled down on faster delivery for accelerated growth and its sustainable growth strategy accrued high returns amid a changing market current.
Using its offline-online approach, Pickaboo has also built 18 physical retail stores across the country. Building the smartest smartphone and gadget hub offline, it took advantage of both worlds and found a lasting competitive edge.
According to the company, it has over 1 million mobile app installs and has delivered a few hundred thousand products to date, working closely with all major mobile and electronics brands in the country starting from Samsung, Realme, Oppo, Xiaomi, Vivo, OnePlus and at least 200 more.
“We have been continuously focusing our efforts to make Pickaboo better for our users by providing faster delivery and authentic products,” Co-founder and CEO of Pickaboo Morin Hossain Talukder told Dhaka Tribune.
The fresh investment will further empower the platform to expand its business both online and offline, focusing on new product inclusion while offering faster delivery across the country, the top brass said.
“We are also working on automation to ensure a smoother shopping experience for the patrons,” he further said.
Startup Bangladesh is the flagship venture capital company of the ICT Division.
Under the guidance of Prime Minister Sheikh Hasina, Startup Bangladesh, the first and only venture capital fund sponsored by the government of Bangladesh, started its journey in March 2020 with an allocated capital of Tk500 crore.
