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Investor Confidence Grows as Agroshift Secures New Investment from ADB Ventures

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DHAKA, Bangladesh, Jan. 11, 2024 /PRNewswire/ — Agroshift, the pioneering Bangladeshi agritech startup, continues to make significant strides in revolutionising the agricultural supply chain while gaining investors’ confidence. As an omnichannel agri-commerce platform connecting producers to consumers in Bangladesh, Agroshift aims to provide fairer pricing, better market access, and increased affordability, quality, and convenience to buyers – through micro-fulfilment distribution and embedded trade finance.

Agroshift - Bangladesh Agritech Startup
Agroshift – Bangladesh Agritech Startup

 

How Agroshift works
How Agroshift works

In October 2022, Agroshift made history by securing USD 1.8 million in Bangladesh’s largest pre-seed round at the time, and as follow-on with investors like ADB Ventures drawn to the immense promise of the company’s model and mission.

Empowering Farmers and Transforming the Agri Supply Chain

Founded in 2022 by Qazi Bouland, Rameez Hoque and Diptha Saha, Agroshift has created a unique "phy-gital" platform, merging physical supply chain infrastructure with embedded digital tools for demand aggregation, sourcing transparency, and streamlined delivery. The startup supplies groceries mainly in agricultural products – commodities and fresh produce from its network of suppliers, from farmers, traders, and processors to low- to middle-income consumers. As a Go-to-Market strategy, Agroshift considers two large untapped consumer segments underserved by the large incumbents – industrial workers, predominantly ready-made garment (RMG) factories for workers and surrounding low- and middle-income households – channels representing USD 15 billion in immediate addressable market opportunity.

Agricultural Landscape in Bangladesh 

Yet Bangladesh’s smallholder farmers and factory labourers have traditionally been underserved by highly inefficient agricultural supply chains, with extreme levels of food loss. Through its direct sourcing, micro-fulfilment and large demand aggregation approach, Agroshift has slashed waste to under 1% while connecting farmers to fair prices.

"By integrating digital ordering with strategically located physical collection and distribution hubs, we’ve built an efficient, incentive-aligned fresh produce ecosystem," said Agroshift Co-Founder and CEO Qazi Bouland.

Impressive Traction and Bold Vision 

In its first operational year, Agroshift has seen stratospheric growth: over 250,000 orders fulfilled for more than 170,000 unique users, with annualised revenues expanding 350% year-over-year.

This innovation caught the attention of ADB Ventures earlier this year. Minsoo Kim, Investment Specialist at ADB Ventures, said, "ADB Ventures is excited to partner with Agroshift to improve efficiency in the agricultural supply chain. By leveraging aggregated demand at factories and low and middle-income households in Tier 2 and 3 cities, Agroshift benefits key players in the value chain, from farmers and traders to consumers – via fairer pricing, better market access and price visibility and increased affordability, quality and convenience for buyers."

Seizing Opportunities with Upcoming Seed Funding

Agroshift’s upcoming seed funding round aims to enhance its operations further. The company’s strategy includes scaling operations, expanding the supply chain infrastructure, doubling down on privately labelled products, improving the tech platform, expanding its supply trade financing and onboarding top talent.

"Agroshift’s ‘phy-gital’ model is not only modernising agri-commerce but creating a more sustainable future for regional food systems," added Bouland.

With sights set on reaching 60 factory partners and 200,000 regular users in 2024, the future looks bright for this inventive Bangladeshi agritech trailblazer.

To learn more, please visit https://agroshift.com/.

About Agroshift

Agroshift helps agricultural producers sell their produce to businesses and consumers by providing a tech-enabled supply chain leveraging a business model that takes care of demand aggregation, sourcing, and delivery.

Source : Investor Confidence Grows as Agroshift Secures New Investment from ADB Ventures

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