Wednesday, June 19, 2024

Agri trade startup Hectar Global expands into Bangladesh

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Agri-trade startup Hectar Global has broadened its reach into the Bangladesh market to strengthen its downstream trade capabilities. This strategic move aligns with Hectar’s global expansion strategy, which prioritizes establishing direct operations in key destination markets to facilitate seamless trade of agricultural commodities.  The company has also set up an HQ office in Dhaka and a pulses processing factory in Faridpur, 100 km away from Dhaka. 

During the first phase of expansion, Hectar Global will focus on catering to the market demand in 2 categories: spices and pulse. These categories encompass a range of products including dry red chilies, turmeric, red lentils, chickpeas, and yellow peas.

Commenting on the expansion, Srinath Srinivasan, CEO, Hectar Global, said “We are excited about our new expansions in the Bangladesh market. As a nation, Bangladesh relies heavily on food imports, purchasing agricultural commodities worth US$15 billion every year. We are eager to introduce our services that will enable local food businesses and manufacturers to source their raw materials directly from global vendors. With our platform, coupled with our direct presence in Bangladesh, we offer our customers a unique advantage: the cost benefits of cross-border purchasing with the convenience of local transactions.” 

Describing his new pulse processing factory in Bangladesh, he says, ‘‘Our processing factory allows us to contribute more than just importing pulses into the market. The new facility enables us to add value and move a step further in the downstream supply chain. We have also introduced our brand of red lentils into the Bangladesh market, and have more commodities in the pipeline to strengthen our presence. By the end  of this year, we will expand our product portfolio to include non-basmati rice, maize, oilseeds, and sugar.” 

Presently, Hectar Global has a seven-member team in Bangladesh and actively seeks to expand its workforce by hiring individuals for sales, finance, and operations roles to support the ongoing expansion efforts.

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