DHAKA : Startup Bangladesh Limited has completed its first
portfolio exit through Pulse Tech Limited, marking Bangladesh’s first
successful state-backed venture capital exit and a significant milestone for
the country’s innovation-driven economy and startup ecosystem.
The exit also highlights the rapid rise of Pulse Tech
since Startup Bangladesh invested in the healthcare technology company in 2024.
During the period, the company maintained profitability
while increasing its annual revenue from nearly US$ 2 million to more than US$
150 million, according to officials, reports BSS.
Over the past 18 months, a media release of the ICT
division said, Pulse Tech has sustained average monthly growth of 20 percent
and now serves more than 14,000 pharmacies, enabling reliable medicine delivery
to nearly 8.5 million people in Dhaka.
The company is currently preparing to raise Series A
funding, expand operations nationwide and enter international markets in the
Gulf region.
As one of Bangladesh’s leading technology-enabled
pharmaceutical distributors, Pulse Tech has modernised one of the country’s
largest and fragmented industries by integrating pharmaceutical distribution,
embedded financing, Software as a Service (SaaS) solutions and the One Pharmacy
franchise network.
Startup Bangladesh, the government’s only venture capital
and fund management company under the Information and Communication Technology
(ICT) Division, said it views the exit not merely as a financial achievement
but also as an important step towards strengthening investor confidence and
establishing venture capital as a promising asset class in Bangladesh.
It expects the successful exit to encourage greater local
and international investment in innovative startups and contribute to the
sustainable growth of the country’s innovation ecosystem.
Since launching its investment operations, Startup
Bangladesh has invested in 36 promising startups across different sectors by
providing growth capital and strategic guidance.
The exit process was completed at a ceremony held at the
ICT Tower on Tuesday in the presence of ICT Division Secretary and Chairman of
Startup Bangladesh Limited Md. Mamunur Rashid Bhuiyan.
Startup Bangladesh Limited Managing Director and Chief
Executive Officer Nurul Hai, Pulse Tech Limited Co-founder and Managing
Director Arefin Rafi Ahmed, Co-founder and Chief Executive Officer Kazi Ashikur
Rasul and senior officials of Startup Bangladesh attended the event.
Mamunur Rashid Bhuiyan said Startup Bangladesh was established
with a long-term vision of acting as a catalyst for innovation-driven growth by
nurturing entrepreneurs.
“Our first successful exit is an important institutional
milestone and reflects the growing maturity of Bangladesh’s startup ecosystem,”
he said.
Nurul Hai said the company remains committed to supporting
the growth and success of Bangladeshi startups, adding that its relationship
with founders does not end with an investment exit and startups would continue
to receive necessary support.
Arefin Rafi Ahmed said Startup Bangladesh had placed its
trust in the company from the beginning and played a significant role in its
growth journey.
“This successful exit has demonstrated that Bangladesh has the talent and entrepreneurial environment to build world-class companies capable of generating positive returns for investors,” he said.
