Zingo Pvt. Ltd, a Dhaka-based re-commerce marketplace, has raised an undisclosed pre-seed investment facilitated by Bangladesh Angels Network, per a BAN blog post.
Founded in 2017 as Humpty Dumpty, later rebranded to Zingo, the company has built a marketplace for second-hand smartphones and electronic gadgets and experienced excellent growth. It also runs several relevant services around smartphones such as repairing, refurbishing smartphones, smartphone exchange programs, etc.
Previously, Zingo raised investments from angel investors Mohammad Maaz of Steeltech Industries and Waseem Alim of Chaldal.
With the new infusion of capital, the company plans to double down on growth.
Why it matters: Recommerce is a fast-growing global meta trend. The vertical has seen meaningful interest from entrepreneurs and investors in the last few years producing an excellent cohort of companies across markets including Backmarket in Europe, Droom, Car24, Cashify, etc in India, and Kavak in Mexico. According to several industry insiders, the current market for used products in Bangladesh including furniture, vehicles, and other electronic gadgets is worth $2.6 billion. The vertical is expected to grow at over 20% in the next few years.