Bangladeshi startups Tiger New Energy, iFarmer in Forbes Asia 100 To Watch list

Two Bangladeshi startups - Tiger New Energy, a company specialising in battery-swapping technology for electric vehicles, and iFarmer, an agritech platform - have recently been featured on the Forbes Asia's 100 to Watch list for 2024.

Selected from a pool of fast-growing companies, these startups are acknowledged for their contributions to sectors as diverse as manufacturing, agriculture, fintech, and healthcare.

Forbes' 100 to Watch list for 2024 showcases innovative companies from 16 countries across 10 industries. These startups, which have collectively raised over $2 billion in investment, demonstrate a strong track record of growth and innovation. 

This is the fourth annual edition of the list.

Tiger New Energy

Founded in 2022, Tiger New Energy has rapidly expanded its network of over 100 battery-swapping stations across Bangladesh.

The company provides a crucial service to the country's growing electric vehicle market, offering "battery as a service" for electric three-wheelers, cars, and other vehicles.

With significant backing from investors such as ADB Ventures, which contributed $1 million in June 2024, and $2.5 million in seed funding from Wavemaker Partners in 2023, Tiger New Energy is leading the charge towards a sustainable future.

"We are thrilled to be included in this year's Forbes Asia 100 to Watch list. This recognition is a testament to our team's commitment to revolutionizing energy solutions in Bangladesh and beyond," said Nicole Mao, CEO of Tiger New Energy.

iFarmer

iFarmer, an innovative agritech startup, was founded in 2019.

It connects small farmers with wholesalers and offers access to essential agricultural inputs such as seeds, fertilisers, and pesticides.

The startup secured $2.1 million in funding in 2022, led by IDLC Ventures, positioning itself as a key player in Bangladesh's agricultural landscape.