2 Bangladeshi startups in Forbes Asia 100 To Watch list

Two Bangladeshi startups - Tiger New Energy, a company offering battery-swapping technology for electric vehicles (EV), and iFarmer, an agritech platform - has recently made it to the Forbes Asia's 100 to Watch list for 2024.

This year's 100 to Watch list by Forbes highlights companies from 16 countries across 10 industries, featuring those with a strong track record of innovation and growth, as per Forbes. Collectively, the featured startups have raised over $2 billion in investment. This is the fourth iteration of this yearly list.

Tiger New Energy

Founded in 2022, Tiger New Energy is known for its focus on EV battery-swapping solutions. The company operates over 100 battery-swapping stations across Bangladesh, serving electric three-wheelers, cars, and other vehicles. The company is backed by various investments, including $1 million from ADB Ventures in June 2024 and $2.5 million in seed funding from Wavemaker Partners in 2023.

iFarmer

iFarmer, an agritech platform founded in 2019, empowers small-scale farmers by connecting them directly with wholesalers and providing access to essential agricultural inputs such as seeds, fertilisers, and pesticides. The company's Sofol app, which has been downloaded over 10,000 times, also offers advisory services to help farmers improve productivity and sustainability. In 2022, iFarmer raised $2.1 million in funding, led by IDLC Ventures.