Since March of 2020, Bangladesh is experiencing the wrath of COVID-19 pandemic. As business shut down due to the lockdown, the entire startup ecosystem has been shaken to its core, threatening thousands of startups that create over a million jobs. To understand the impact further, LightCastle Partners commissioned an independent study – “COVID-19 Impact on the Startups of Bangladesh”. The survey was conducted in late April with responses from over 200 startups from Bangladesh.
Bangladesh Startup Ecosystem at a Glance:
- There are over 1,000 startups in the ecosystem currently providing employment to an estimated 1.5 million people.
- As of today, Bangladeshi Startups have attracted over U$ 200 million in international venture capital.
- Currently, the most popular growth sectors in Bangladesh are Logistics, RideSharing, and Fintech.
The analysis found that:
- 24% of businesses have stopped complete operation with 56% startups saw at least a 50% drop on revenue generation
- 60% of Startups have runway less than 3 months threatening 1.5 million employment
- U$56 million annual loss is now feared by a total of 300 startups in 2020
To learn more insights, visit the full report below: