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TheBorak

One App To Meet All Needs

Bangladesh
Market: Food industry, Transport, Services, Financial services, Mobile applications
Stage of the project: Operating business

Date of last change: 25.11.2022
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Idea

TheBorak is a mobile app that helps customers get professional services and products at a low cost by creating a single account in the shortest possible time.

Current Status

We have been developing TheBorak software since February 2020, completed piloting in the geofenced area, incorporated a company named Borak Service Limited on 3rd June 2021, achieved the ride-sharing license from Bangladesh Government in July 2022 and soft launched the product on May 30, 2022. We got 39465 registered users, 3339 service providers, and 455 stores. We also received a $25,000 Amazon Web Services credit from two accelerators Startany.com and Seedstars.com.
The minister of Post and Telecommunications, of the Bangladesh Government, inaugurated the soft launching.
Here is the full event live video:
https://fb.watch/dkEMcxMWOm/ https://www.youtube.com/watch?v=NbLGF91khr8. (Theme Song)
After that launching event, We got 1500+ rides completed and earned 30,000 BDT+ (300 USD) in total as an admin commission (10%) from the ride-sharing part.
We didn't charge on-demand service providers and stores yet. Our next plan is to develop the integrated Ad network so that service providers/stores can promote their services/products. And then initiate the P2P transfer to offer a complete cashless ecosystem.

Market

Market Size:
Bangladesh has 55 million Smartphone young users, 20 million professionals including ride-sharing drivers, and 4.5 million retail stores.
Ride sharing market size in Bangladesh is currently 600 million, the e-commerce market size is 8 billion, the home service size is 700 million and the digital ad network market size is 300 million. It means currently we have a market of 9.6 billion USD in Bangladesh which may scale up to 17 billion USD within the next 3 years.

Along with this, if we can implement the integrated wallet system, our market size will be bigger and we can easily enter the fintech market that is 23 billion USD in size.

Problem or Opportunity

For customers, there's no single platform available in Bangladesh where people can avail of any type of service. They need to manage different apps/accounts to get different services which are tedious, time-consuming, and expensive.

For service providers, They need to give a high commission (15%-25%) from their earnings to other platforms. High commission forces service providers to go offline which increases security failure.

For retail businesses, except for online orders and delivery, Store owners can’t manage their sales, dues, expenses, contacts, inventories, and business promotions through a single platform which cost them a lot extra.

We closely monitored the market of ride-sharing over the last 3 years and found that the high commission is a really big problem and drivers in Bangladesh already called strikes two times against the high commission.

Ref: https://archive.dhakatribune.com/bangladesh/dhaka/2021/09/28/riders-go-on-24-hour-strike- with-6-point-demand

On the other hand, people are using Google and FaceBook ad networks to promote their services/products to attract local nearby users and it’s hard to use those ad services using local currency.

Solution (product or service)

TheBorak is a mobile app that helps customers get professional services and products at a low cost by creating a single account in the shortest possible time. Single app > Single Account > Single wallet > avail multiple types of services.

TheBorak helps ride-sharing drivers by connecting with customers and taking the lowest commission(10%).

Also, TheBorak helps on-demand service providers/stores to get more service/orders and take a minimum monthly charge. Lower commission > More income of service providers > More online presence > Security increases.

TheBorak provides a complete shop management solution to retail stores where store owners can receive/deliver orders, manage daily ledger books, finance wallets, inventory, customer lists, and invoicing, and promote products using the integrated ad network to increase sales.

Also using the integrated ad network and wallet system, service providers/retail stores can easily promote their service/product and pay each other in no time.

Competitors

While Uber, Pathao.com, and Sheba.XYZ, FoodPanda is operating in Bangladesh but there’s no platform in Bangladesh that serves all types of services like Transport, On-demand service, Food, Integrated ads, and Fintech from a single platform. We are offering the lowest commission in the ride sector and a unique monthly subscription-based charge for the service providers/stores. Along with this, we are developing an integrated ad network so that service providers/stores can promote their products from the same platform. Since we have multiple channels of earnings, we can easily reduce the monthly charge/commission in the future if our competitors try to reduce their prices. Moreover, we are trying to implement a cashless payment system to position us uniquely so that customers and service providers can experience a seamless payment transaction for their services.

Advantages or differentiators

1. Starting from all over Bangladesh, possible to scale into any new country easily.

2. Ensure the Safety and security of Service providers and drivers.

3. Ambulance Service Subscription - 50% Commission as CSR activities.

4. Social Employment Opportunity -
500 Thana (Geo area) Entrepreneur.

5. Monthly subscription fees from Service Providers and stores, no more complex commissioning system for each service and order.

6. Product Delivery using the TheBorak providers.

7. Parcel delivery HUB in each Geo area.

8. Integrated digital Wallet system to enable paying each other.

9. Largest Blood donation Network as its Corporate Social Responsibility initiative.

10. Finally - Integrated Ad network.


Business model

Revenue/Business Model

1. We take the lowest commission(10%) from each ride.
2. We take 300 BDT (around 3.5 USD) monthly from a professional service provider.
3. We take 300 BDT (around 3.5 USD) monthly from each store.
4. Transaction fee from integrated wallet to a wallet balance transfer - TheBorak Pay (In
the Future)
5. Integrated Ad Network (In the Future)

Money will be spent on

We are now looking for a 1.3 to 2 million USD fund as a form of SAFE/Convertible Debts/Equity to manage working capital for the next 12 months and achieve the target of 5 million customers, 125,000 service providers/drivers/stores, and 10 strategic partnership agreements.

Offer for investor

20% Equity with a pre-money valuation of 5.2 Million USD.

Team or Management

Incubation/Acceleration programs accomplishment

Startup Istanbul

Won the competition and other awards

Finalist on mBillionth Award 2021

https://www.mbillionth.in/finalists-2020-21/

Photos

Photo 1 - One App To Meet All Needs
Photo 2 - One App To Meet All Needs
Photo 3 - One App To Meet All Needs
Photo 4 - One App To Meet All Needs
Photo 5 - One App To Meet All Needs

Product Video

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Presentation