Startup funding crisis deepens as liquidity crunch leaves Chaldal staff unpaid for months

Chaldal.com, one of the country's leading online grocery platforms, is grappling with a severe liquidity crisis that left employees unpaid for months and triggered protests at its Jashore Software Technology Park facility this week.

A section of workers alleged that three to four months of salaries remained unpaid, sparking demonstrations involving around 800 employees at the Jashore Hi-Tech Park.

The unrest temporarily subsided after an emergency meeting yesterday (3 March) between worker representatives and senior officials. The company agreed to clear all outstanding dues within March.

Under the agreement, the overdue December 2025 salary was paid on 3 March. January 2026 wages will be settled by 10 March and February salaries by 30 March.

Following the assurance, employees called off their protests and resumed duties from yesterday morning, our Jashore correspondent reports.

"The protest was launched to press for our legitimate dues. With authorities accepting our demands, employees have resumed work," said Chaldal employee Prince Mahmud.

A senior company official attributed the crisis to a prolonged funding crunch. Over the past year, Chaldal reduced its workforce from 3,300 to about 2,200 as part of cost-cutting measures.

Anticipated foreign investment reportedly failed to materialise amid political uncertainty, while efforts to secure support from the national startup fund also fell through.

From high-growth to liquidity stress

Founded in 2013, Chaldal pioneered Bangladesh's online grocery model and was long seen as a flagship of the country's consumer-tech growth.

Despite raising over Tk300 crore from local and international backers and generating roughly Tk40 crore in monthly sales, the company is now facing a Tk40 crore working capital shortfall.

In a letter to state-run venture capital firm Startup Bangladesh Ltd, Chaldal described its situation as an "acute short-term liquidity crisis" driven by delayed funding inflows while payroll, vendor payments and operating expenses continued to mount.

The company has sought Tk40 crore in bridge financing or emergency liquidity support, proposing repayment within two years. It also requested facilitation in securing short-term working capital lines from partner banks, potentially backed by guarantees or risk-sharing mechanisms.

In September last year, Nurul Hai Jilani was appointed managing director of Startup Bangladesh. He said the matter is under review.

"We have recently taken office and are assessing the condition of different startups. We will look into Chaldal's case," he said, expressing hope for an ecosystem recovery by the second quarter of 2026.

A wider struggle

Chaldal's troubles mirror broader stress in Bangladesh's startup ecosystem, which industry insiders describe as one of the toughest periods in recent years.

Data from LightCastle Partners shows total startup funding in 2025 reached $124 million across 12 deals, up from $42 million across 41 deals in 2024. However, the surge was largely driven by a single $110 million investment following the merger of ShopUp and Sary into the SILQ Group.

Excluding that deal, funding activity remained subdued.

Several startups have reported delays or disruptions in anticipated foreign investment. Agri-tech firm Agriventure is still in talks with investors from China and Singapore but has yet to close its funding round.

Entrepreneurs behind AI platform Markopolo, climate-tech venture Solshare, agro-based Fashol, med-tech startup Arogga and ed-tech platform 10 Minute School have also cited funding slowdowns.

Sakib Hossain, founder of Fashol, said a Singapore-based funding arrangement stalled during the interim government period. "We were in the final stage, but the process froze midway," he said.

Over the past decade, Bangladeshi startups have collectively raised more than $1 billion, though ecosystem stakeholders argue the figure remains modest compared with regional peers.

'Startup-first policy'

Stripping out the two largest historical investments – bKash and ShopUp – the funding landscape appears even thinner.

Shawkat Hossain, chief executive of Bangladesh Venture Capital Limited, described the country's startup investment process as slow and complex.

"We need a startup-first policy approach, streamlined regulatory frameworks and stronger domestic investor participation. Expanding beyond Dhaka-centric growth to secondary cities could also broaden the innovation base," he said.

Whatever happened to Bangladeshi startups?

Despite funding headwinds, several major tech platforms have shown relative resilience.

Ride-sharing and digital services platform Pathao has maintained steady demand across mobility and courier segments.

Food delivery provider Foodpanda continues to sustain operations in urban centres through a strong restaurant network and subscription-driven repeat orders.

Meanwhile, ticketing and travel-tech platform Shohoz has benefited from a rebound in intercity travel and event-based demand.