With an average annual GDP growth of 6.4% between 2016 and 2021, Bangladesh has outpaced Asian peers, such as India, Indonesia, and the Philippines. The country’s GDP per capita was ~$2,800 in 2022—already higher than India’s. And at its current growth rate, Bangladesh is on track to become an upper-middle-income country (at least ~$4,000 GDP per capita) by 2031.
Fuelling the gains in consumer spending is a digital economy that is expanding rapidly. Between 2008 and now, Bangladeshi mobile cellular subscriptions jumped to upward of 180 million—making it the ninth largest mobile market globally—while the population covered by internet services grew from 1% to about 90% of the country’s population. Not surprisingly, digital financial services are clocking daily transactions worth $200 million.
Sturgeon’s portfolio has many leading Bangladeshi technology companies, including the likes of Shikho (EdTech), Shajgoj (Ecommerce) and GoZayaan (OTA). By virtue of our mix of on-the-ground presence, non-stop travel (by the London Partners), and close relationships with all local ecosystem players, we have access to 100% of the relevant deal flow in Bangladesh. We also have an unmatched ability to due diligence these opportunities effectively and provide value add post-investment support.
For more information on Sturgeon’s investment activity in Bangladesh please contact the team.Find out more