Bangladeshi e-commerce platform Pickaboo is in talks with multiple private equity and strategic investors to raise about $10 million in Series A funding, in lieu of a minority stake.

The company, which is a promoted by India’s MoMagic Technologies and Bangladesh’s Edison Group (also promoters of Symphony Mobiles), intends to close the funding by September this year.

The company intends to use the proceeds to increase its business from the present $600,000-$800,000 Gross Merchandise Volume (GMV) a month to $8-$10 million this year, and for technological upgradation.

“We are in talks with a number of PE and strategic investors, who are interested in investing in Bangladesh. Both the partners will offload an equal amount of stake in the company,” Pickaboo Chairman Arun Gupta said. He, however, did not divulge the name of the PE firms the company was in discussions with.

Both promoters, MoMagic and Edison Group, would look at offloading stake, but the quantum would depend on the discussions and the valuation.

$3 m seed funding

Pickaboo was started with a seed funding of $3 million, and the $10 million would be its first institutional fund-raising.

Mobile phones, with about 60-65 per cent of the total sales, amount for the major sales on the marketplace, followed by electronic products such as TV and washing machines among others.

Noida-based MoMagic Technologies, which counts Chinese contract manufacturing company Foxconn Technology Group and MediaTek Inc Taiwan as its investors, is expanding its footprint in South-East Asian nations. These include Thailand, Myanmar, Singapore, Taiwan, the Philippines and Vietnam among others.

Gupta is also the founder and CEO at MoMagic Technologies.

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