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.