Move marks e-commerce giant’s entry into the South Asian food delivery business
South and Southeast Asia e-commerce marketplace Daraz has acquired foodtech company HungryNaki headquartered in Bangladesh’s capital Dhaka.
Daraz is a subsidiary of Chinese multinational giant Alibaba Group and HungryNaki will continue functioning as an independent brand under the group.
Founded in 2013, HungryNaki (meaning ‘Are you hungry?’) says it delivers on-demand food in under an hour. The company stated that so far it has served more than 500,000 customers and over 4,000 restaurants across Bangladesh’s five largest cities: Dhaka, Chattogram, Sylhet, Cox’s Bazar and Narayanganj. It said its return order ratio is 76% and it has achieved year-on-year revenue growth of 70-90%, adding it aims to expand to more than 100 cities in Southeast Asia.
The company’s investor pool includes Robintex Group and Asif Rahman and to date has raised a total of $2.3 million in funding, including a pre-Series A round and bridge financing.
Syed Mostahidal Hoq, managing director of Daraz, said: “We aspire to be a one-stop solution for all our customers’ needs, and getting into the food delivery business is a natural move. HungryNaki is the pioneer in the food delivery business in Bangladesh with a loyal customer base. We believe, instead of building our own food delivery business from the ground up, acquiring HungryNaki is ideal considering these two factors. We believe, by investing in the infrastructure, technology and human resources, we can take HungryNaki into new heights.”
AD Ahmad, co-founder and chief executive of HungryNaki, added: “We can definitely say that this is an auspicious moment for all of us because this acquisition by Daraz proves that our e-commerce industry is in an optimistic state. Moreover, this is a positive sign for other local start-ups, and this kind of acquisition will play a full part in the revival of our economy by expediting positive impacts. We will be working with Daraz to make HungryNaki a formidable player in the market.”
The company said it was the first food delivery start-up in Bangladesh to introduce electric bicycles to its fleet and it is committed to achieving zero carbon emissions.
Date published: 18 March 2021