Kinso is a technology-driven smart mini super-shop chain in Bangladesh built by the startup “Durjoy DSS”. The company is sourcing products directly from FMCG companies and farmers while bypassing 6 layers of intermediaries through a modern technology-centric digital platform, which enables them to offer products at a price that no one else can offer.
Bangladesh has around 2.5 million micro-retailers. While traditional retailers are often associated with poor shopping experiences like inflated prices, display hazards, and a lack of quality service, at Kinso, the customers get the best prices, digital facilities such as pre-orders at amazing discounts, and a convenient grocery shopping experience for food commodities and FMCG products.
“Kinso” is a portfolio startup of Idea Project of the ICT Division under the Bangladesh Ministry of Posts and Telecommunications. After starting their operations in September 2022, they received an investment of 10 lakh BDT from the ICT division, followed by a cloud credit of 80 lakh BDT and a grant of 3 lakh BDT as the winner of Huawei ICT Incubator. The startup is looking forward to expanding its business scope through foreign investments of $500,000 in the ‘pre-seed’ round from venture capital firms in Thailand, Vietnam, and the US, which is currently an ongoing process. Also, the startup has shown interest to raise equity capital from Bangladeshi individuals and venture funds.
While experimenting with the modern trade model, in January 2023, Kinso sold a total of 11,526 kg of rice, pulses, flour, and oil products.
Kinso co-founder Imam Aaronno said, “the commodity food market in Bangladesh is currently worth more than $40 billion dollars, our goal is to provide good quality products at affordable prices to 50 million people in Bangladesh.”
Kinso’s co-founders – Ashraf Hossain Sachin, Jainab Khair, and Imam Aaronno, have several years of experience in sales, distribution, and retailing in various MNCs and local corporate giants. Their board of advisors include Gary Brown, the former chief executive of the world’s largest retail chain ‘Seven Eleven’ Malaysia, NewChip Accelerator Mentor Tino Rayes, and Richard Hahn of VinaCapital Ventures, whose experience is working towards building Bangladesh’s largest retail chain with smart technology. The startup is looking forward to building the biggest retail chain in Bangladesh by including 20,000 more existing micro retailers under their banner.