Biography of Waseem Alim: CEO of Chaldal.com- Entrepreneur, Startup Builder
Biography of Waseem Alim:
Inspiration Behind Chaldal's Journey
Eight years ago, when Chaldal.com entered the online grocery
sector, it was a bold move in a time when online grocery shopping wasn't as
widespread. Waseem Alim, co-founder and CEO of Chaldal, explains that their
entry was driven by a deep-rooted belief in using technology to solve societal
problems. With strengths in software, finance, and operations, Chaldal aimed to
revolutionize how people accessed daily necessities, eliminating the need for
long waits and queues.
Founding and Early Days:
In 2013, Waseem Alim co-founded Chaldal, a pioneering online
grocery delivery service in Bangladesh. Starting with just five team members,
including Waseem himself, the company embarked on a journey that would
transform grocery shopping in Dhaka. Waseem, with a background in finance and
entrepreneurship from the Wharton School, had previously shaped product strategy
at Sigfig in Silicon Valley.
Education and Professional Affiliations
Waseem Alim pursued his undergraduate studies at the Wharton
School, University of Pennsylvania, where he earned a Bachelor of Science
(B.Sc) degree in Finance and Entrepreneurship from 2005 to 2008.
In 2008, Waseem became a charterholder and member of the CFA
Institute, showcasing his commitment to finance and professional development in
the field. In 2015, Waseem participated in Y Combinator's S15 batch with
Chaldal, underscoring his entrepreneurial spirit and involvement in the startup
ecosystem. Currently, Waseem Alim is actively involved in leading Chaldal,
alongside his engagements with EHF (likely another venture or organization) and
continuing as a charterholder with the CFA Institute.
Expansion Plans and Funding
Recently securing $10 million in foreign investment marks a
significant milestone for Chaldal's growth strategy. Waseem Alim emphasizes
their commitment to maximizing the impact of every dollar invested. Currently
delivering over 10,000 orders daily, Chaldal's goal is to triple this number
and streamline operations to require less funding for scaling up. Their vision
includes rapid nationwide expansion, aiming to serve even the most remote areas
of Bangladesh in the near future.
Adapting to Changing Consumer Behavior
During the pandemic lockdowns, online shopping saw a surge
in demand. As physical retail reopens and the economy rebounds, Waseem Alim
observes a return to normalcy, presenting fresh growth opportunities. Learning
from the challenges of the pandemic, Chaldal focuses on enhancing service
convenience with faster deliveries, diverse product offerings, and competitive
pricing, aligning with evolving consumer expectations.
Professional experience and affiliations
Co-founder & CEO at Chaldal
Since April 2013, Waseem Alim has served as the co-founder
and CEO of Chaldal, a pioneering force in Bangladesh's e-commerce landscape.
Under his leadership, Chaldal has revolutionized the grocery distribution model
in dense urban areas like Dhaka. By introducing micro-warehouses and offering
1-hour delivery services, Chaldal has set new standards for convenience and
efficiency in online grocery shopping. Over the past 11 years, Waseem has
guided Chaldal's exponential growth, positioning it as a significant player in
Bangladesh's digital economy.
Biography of Waseem Alim: CEO of Chaldal.com- Entrepreneur, Startup Builder/ Bangladesh/grocery startup/online grocery business/e-commerce/ journey
Director, Product at SigFig
Prior to Chaldal, from January 2011 to August 2013, Waseem
Alim held the role of Director, Product at SigFig in the San Francisco Bay
Area. Here, he was instrumental in developing algorithms for monitoring and
optimizing over $100 billion in brokerage assets. His responsibilities extended
to negotiating key data deals with industry giants like Bloomberg, Morningstar,
and ThomsonReuters. Waseem's strategic oversight of analytics and data
collection teams underscored his proficiency in leveraging technology to
enhance financial services.
Director, Product Development at Wikinvest
From June 2008 to December 2010, Waseem led product development
efforts as Director at Wikinvest, another Bay Area-based role. He spearheaded
initiatives to enrich the finance wiki platform, enhancing it with innovative
portfolio products and a competitive data platform. His notable achievements
included pioneering new metrics for portfolio performance measurement, which
were later integrated into SigFig following a rebranding effort.
Current Affiliations
In addition to his roles at Chaldal and past ventures,
Waseem Alim remains actively engaged in global economic initiatives. He
currently serves as a Member of the Bretton Woods Committee, a non-profit
organization dedicated to promoting international economic cooperation. Since
September 2020, he has also been a Global Impact Fellow at the Edmund Hillary
Fellowship (EHF) based in New Zealand. This affiliation reflects his commitment
to driving positive change on a global scale through community-driven
initiatives.
Evolution of Business Models
Initially following the Instacart model, Chaldal
transitioned twice over the years to its current Dark Store model. This shift
was driven by the need for greater control over inventory, product quality,
variety, and delivery speed. By pioneering the Dark Store concept in 2014,
Chaldal positioned itself ahead of industry trends, enabling more efficient
operations to support its rapid expansion and service enhancement goals.
Technological Advancements:
Over the years, Chaldal has undergone significant evolution.
Today, it boasts a team of around 300 people, leveraging advanced technology to
streamline operations. From developing fingerprint-enabled attendance systems
to intricate software predicting sales and monitoring deliveries, Chaldal has
prioritized technological innovation as the backbone of its growth.
Infrastructure Development:
Initially unimaginable, Chaldal now operates a call center
and employs CCTV surveillance in its warehouses to ensure efficient logistics
and customer service. Algorithms detect fraud in transactions and manage fuel
usage, highlighting the company's commitment to operational excellence and
security.
Logistics and Delivery Optimization:
With a focus on scaling efficiently, Chaldal has implemented
sophisticated software for planning delivery routes across Dhaka. By
meticulously mapping longitude and latitude coordinates, the company optimizes
delivery times, illustrating its dedication to enhancing customer experience
through innovative logistics solutions.
Storage Solutions and Growth:
Addressing complex storage challenges, particularly for
perishable goods like vegetables and rice, Chaldal has devised strategies such
as the first in, first out method. This meticulous approach ensures freshness
and minimizes waste, reflecting the company's strategic thinking in inventory
management.
Business Expansion and Future Potential:
From initially handling just two deliveries a day to
managing 600 daily orders, Chaldal's growth is a testament to its evolving
capabilities. Looking ahead, Waseem emphasizes the company's robust system,
capable of scaling even further without compromising efficiency, a far cry from
its early days where scalability was a constant concern.
Gender Dynamics and Workforce Insight:
Observing the workforce dynamics, Chaldal has recognized the
effectiveness of female employees, particularly in roles like packaging. This
insight into gender-specific strengths underscores the company's inclusive
approach to human resource management and operational efficiency.
Future Plans of Chaldal
In 5-10 years, Chaldal envisions a future focused on
overcoming challenges and achieving sustained growth. However, predicting too
far ahead is uncertain, as global events can swiftly alter circumstances. For
now, the focus remains on immediate goals, maintaining a clear vision amidst
the unpredictability.
Investment Landscape and Backing
Chaldal has secured investments from notable entities such
as Y Combinator and 500 Startups. Significant stakeholders include funds from
Silicon Valley and China, alongside influential individuals like Parker
(formerly of Zenefits), Dan Rose of Facebook, and Justin Kan. These investments
underline the company's credibility and potential for future expansion.
Lessons from the Journey
The core lesson learned at Chaldal is perseverance. Hard
work remains pivotal to their progress. Understanding the intricacies of
fundraising involves both tactical advice — like navigating investor meetings —
and strategic insights into the Bangladeshi VC industry, identifying key players
and trends.
Strategic Advice on Fundraising
Chaldal advises aspiring entrepreneurs in Bangladesh to
prioritize product development before seeking funds. Unlike in some other
countries, where fundraising might be more accessible, Bangladesh requires a
solid product and clear rationale for investment. Demonstrating efficiency and
success with minimal resources can enhance appeal to investors.
Optimizing Financial Needs
Entrepreneurs often overestimate or underestimate their
funding requirements. Chaldal advises starting with minimal funds, proving
efficiency and productivity. This approach not only conserves resources but
also enhances attractiveness to potential investors, who value effective use of
capital.
Evolving Investment Climate
Bangladesh's investment landscape is evolving, with
increasing confidence and interest from venture capitalists. The market's
maturation is expected to streamline fundraising processes, encouraged further
by successful local startup stories.
Chaldal's Journey: From Vision to Innovation
Founding and Early Challenges:
In 2013, Waseem Alim co-founded Chaldal, aiming to
revolutionize grocery delivery in Bangladesh. Starting with just five
employees, the company faced the typical hurdles of a startup, including
logistical challenges and operational inefficiencies.
Technological Advancements:
Over the years, Chaldal has transformed significantly, now
boasting a workforce of around 300. Emphasizing technological integration, the
company has implemented fingerprint attendance systems and sophisticated
software to monitor everything from inventory and deliveries to predicting
consumer demand.
Operational Expansion:
From humble beginnings, Chaldal has expanded its services
extensively. It now operates a call center and uses CCTV surveillance in
warehouses to ensure security and efficiency. Advanced algorithms detect fraud
in transactions and manage fuel consumption, showcasing the company's
commitment to robust operational standards.
Logistics and Route Optimization:
Efficiency in delivery logistics has been a focal point for
Chaldal. With software designed to plan optimal delivery routes across Dhaka,
the company saves valuable time and resources. Detailed mapping of the city's
coordinates further enhances delivery accuracy and speed.
Innovative Storage Solutions:
Addressing the complexities of storage, particularly for
perishable items like vegetables and high-volume goods like rice, Chaldal
employs innovative strategies such as the first in, first out method. This meticulous
approach ensures product freshness and minimizes waste.
Measuring Growth and Potential:
From a modest start of just two deliveries per day, Chaldal
now handles a staggering 600 orders daily. This growth reflects not only
increased operational capacity but also enhanced potential for future scalability
and market dominance.
Gender Dynamics in the Workplace:
Observing workforce dynamics, Chaldal acknowledges the effectiveness of female employees in roles such as packaging. This recognition underscores the company's inclusive approach to workforce management and its focus on optimizing operational efficiency.
In conclusion, Chaldal's evolution from a small startup to a
pivotal player in Bangladesh's e-commerce landscape is marked by technological
innovation, strategic expansion, and a commitment to optimizing every aspect of
its operations. As it continues to grow, Chaldal exemplifies how foresight, adaptability,
and a dedication to excellence can redefine industry standards and customer
expectations.
