Forbes Asia's prestigious “100 To Watch” list for 2024 features two homegrown startups, marking a noteworthy accomplishment for Bangladeshi innovation.
iFarmer, a revolutionary agritech platform, and Tiger New Energy, a leader in EV battery-swapping technology, have both established themselves as two of the most promising businesses in the area.
Published on the Forbes website this Tuesday, the list celebrates the most dynamic and impactful startups across the Asia-Pacific region.
Forbes Asia's 100 to Watch: Now in its fourth year, the Forbes Asia 100 to Watch list highlights companies that are not only driving significant change but also catching the eye of investors with their groundbreaking ideas and robust growth potential.
This year’s selection includes startups from 16 countries, spanning 10 diverse industries, and showcases those with a strong track record of innovation and business acumen.
iFarmer: Founded in 2019, iFarmer is revolutionising agriculture in Bangladesh with its tech-driven platform that bridges small-scale farmers with wholesalers. The company provides access to essential agricultural inputs such as seeds, fertilisers, and pesticides, alongside offering valuable advisory services through its Sofol app, which has been downloaded over 10,000 times.
iFarmer’s commitment to enhancing agricultural productivity and farmer livelihoods secured it $2.1 million in funding in 2022, led by IDLC Ventures. The startup has become a pivotal player in Bangladesh’s agritech sector, demonstrating significant promise and innovation.
Tiger New Energy: Established in 2022, Tiger New Energy has swiftly emerged as a leader in the electric vehicle (EV) sector with its innovative battery-swapping technology. The company operates over 100 battery-swapping stations across Bangladesh, offering a crucial "battery as a service" model for electric three-wheelers, cars, and other vehicles.
Backed by substantial investments, including $1 million from ADB Ventures in June 2024 and a $2.5 million seed round from Wavemaker Partners in 2023, Tiger New Energy is at the forefront of the drive toward sustainable transportation.
“We are thrilled to be included in this year’s Forbes Asia 100 To Watch list. This recognition reflects our team’s dedication to transforming energy solutions in Bangladesh and beyond,” stated Nicole Mao, CEO of Tiger New Energy in a press release on Wednesday.
Forbes highlights: The 2024 list features startups that have collectively raised over $2 billion in investments, despite challenging economic conditions. Forbes Asia’s article on the list emphasises that these companies are not only making waves in sectors like spacetech, biotech, and robotics but are also addressing critical needs across industries such as finance, enterprise technology, and energy.
“Our fourth annual Forbes Asia 100 To Watch list showcases companies that have captured investors’ attention and funding. These startups, ranging from AI navigation systems to advanced healthcare diagnostics, exemplify the diverse and innovative spirit of Asia-Pacific’s entrepreneurial landscape,” Forbes noted.
