SWAP closes $1.25M in Seed Funding
SWAP, Bangladesh’s first re-commerce platform raises $1.25M in Seed Funding, led by Accelerating Asia with participation from ZA Capital Advisory, Bangladesh Angels and Southeast Asian angel investors.
Bangladesh being the 8th largest country for mobile phone users has been facing an upward growth in e-waste generation just like any other country globally. SWAP, being the first ever re-commerce platform in Bangladesh, solves the problem by offering customers both convenience and safety while ensuring guaranteed selling of old product from their doorstep in less than 24 hours. Moreover, SWAP also provides consumers with an avenue to properly discard of their e-waste.
With an addressable market of over 3 billion USD, SWAP operates as a C2B, B2B and C2B2C marketplace where customers can buy, sell or swap used electronics and automobiles. Users can use a host of platforms, payment methods and service fulfillment options all while ensuring reliability and affordability. The platform enables many low-income earners to purchase, sell and exchange products – increasing economic participation and technology accessibility in emerging markets.
Since starting in 2020, SWAP has generated more than USD$14.5M in Gross Merchandise Value (GMV), with a current monthly GMV of over USD$1.7M. SWAP has served over 40,000 customers till date and is poised to scale-up significantly in the next 6-12 months.
With a mission to be the topmost, reliable re-commerce platform, SWAP also aims to become a market leader & a global example of success for the circular economy approach and sustainable e-waste management venture. With e-waste poised to hit 4.5 million tons by 2025, SWAP has helped to reduce 1100 Metric ton of carbon emission and saved more than 65 metric ton of e-waste in Bangladesh, as part of the commitment to reduce carbon footprint and contribute to an environmentally sustainable ecommerce industry in emerging markets.
The new injection of fund and investment will enable SWAP’s growth and contribute to the mission. SWAP has introduced first ever cross category exchange platform to facilitate the quickest upgradation program from even one category to another, certified pre-owned products for consumers at as low as 60% of retail value with 1 year full warranty and insurance coverage including liquid and accidental damage and has enabled over 3000 agents with additional income source in the country.
“We want to be Bangladesh’s most trusted platform for anyone trying to buy, sell or exchange in Bangladesh. We believe we can do that by providing our customers with as many choices as possible with most affordable plans, from which they can pick the ideal one for them,” SWAP CEO and Co-Founder Parvez Hossain said.
As the lead investor, Accelerating Asia sees the potential in SWAP and the founding team to deliver returns for the early-stage VC accelerator that operates across Southeast and South Asia.
“SWAP is perfectly positioned at the intersection of ecommerce and circular economy, helping the aspiring middle classes in emerging economies access modern technologies while minimising the impact of digital waste through recycling of used devises. Parvez and the team have proved to have the right mix of skills and experience to execute on this model. We look forward to seeing SWAP continue its rapid business expansion for years to come,” Accelerating Asia General Partner Craig Bristol Dixon said.
Zahedul Arefin, Founder and CEO of ZA Capital Advisory and also Advisor to SWAP mentioned “SWAP has the potential to build the ecosystem for circular economy of Bangladesh by connecting the nexus of e-waste, retailers, consumers and ensuring reusability and affordability for the mass. We are happy to be associated with one of the most promising and innovative online startups of the country.”
About SWAP
SWAP is the first-ever re-commerce platform in Bangladesh where consumers can sell, swap, or buy products such as smartphones, laptops, appliances, vehicles & more at the press of a button. It operates as a C2B, B2B and C2B2C marketplace where customers can not only buy brand new or pre-owned products based on their affordability and other preferences but also sell their unneeded/surplus products at a fair market price instantly. Moreover, it also offers an opportunity for the customers to directly exchange used products with the new ones across various categories. SWAP’s vision is to be the most dependable re-commerce platform in Bangladesh. And it aims to do that with the help of building a meaningful relationship with the esteemed consumers through trust and transparency. And while doing that, SWAP is also confident to have a remarkable impact on the society introducing circular economy and reducing e-waste.