The start-up recently got pre-seed investment from Bangladesh Angels
ToguMogu, the country's first 360-degree parenting services marketplace, is eyeing to fulfil 120,000 orders and achieve 200,000 app downloads by the end of the year.
The start-up plans to use its recent pre-seed investment scored from Bangladesh Angels, the pioneering angel investment network in the country, for technological development and achieve these business goals.
Investment through Bangladesh Angels helped the start-up allocate more resources for app and content development while keeping the momentum of recovery from the impacts of Covid-19, said Nazmul Arefin, the CEO of ToguMogu.
“In the first quarter of 2021, we have been able to achieve our milestones in terms of revenue and active app users. In the second quarter, we are going to launch our second version of the app with a more user-friendly interface, personalized experience, and better content,” he added.
Young parents want the best services; they are more tech-savvy and always look for the best solutions at an affordable cost, the CEO said.
He says the local market size for such services is around $60 billion — accounting for the market size of baby diapers, toys, baby care products, etc., which remains largely untapped.
ToguMogu provides a trusted and personalized platform to help parents make decisions and take required services with convenience.
The one-stop service-based platform provides a wide range of products and services from online shopping and delivery of baby care products, books, etc. to providing educational consultancy and even facilitating finding a doctor for one's child for expecting and new parents in Bangladesh.
From its inception back in 2017, the platform has registered over 50,000 monthly website visitors looking for parenting guides and ECD books.
Just six months after the launch of the app in October last year, it has been ranked the number one parenting app on Google Play Store in Bangladesh and number three in the sub-continent.
Its monthly active user base currently stands at 7,000 with over 20,000 downloads in the process.
Nirjhor Rahman, CEO of Bangladesh Angels, said: “Since the end of last year, the team has been on a tear, and their growth curve represents the fruit of their focused efforts under guidance from renowned mentors. We look forward to a long and successful partnership with the ToguMogu team."
Togumogu was one of the five companies in a digital health-tech accelerator that Bangladesh Angels conducted with BetterStories, called Accelerate Bangladesh.
“Despite the pandemic, we were impressed by the tenacity of the team in pushing for growth and this has been evident in their revenue and user traction, including their new app,” Rahman said.
Every day, 8,000 babies are born in Bangladesh, he said, adding that they estimate 25 million households to have children between 0 and 8 years old.
“The market for products and services catering to them is in billions of takas, and will only grow as the youth population in Bangladesh reach marriage and parenting age,” Rahman added.
There is a substantial demand from new-age parents for verified and trustworthy content, services, and products that can help them become good parents, and Togumogu is filling that gap, he further said.