Startup Bangladesh Limited, the only venture capital and fund management company of the Government of Bangladesh under the Information and Communication Technology (ICT) Department, has completed its first successful exit through its portfolio company Pulsetech Limited. This is the first successful state venture capital exit in Bangladesh, which is an important milestone for the country’s innovation-based economy and startup ecosystem.
The exit process was completed in the presence of ICT Department Secretary and Startup Bangladesh Limited Chairman Md. Mamunur Rashid Bhuiyan at a function held at ICT Tower on Tuesday (August 4). Startup Bangladesh Limited Managing Director and CEO Nurul Hai, Pulsetech Limited Co-Founder and Managing Director Arefin Rafi Ahmed, Co-Founder and CEO Kazi Ashiqur Rasul and senior officials of Startup Bangladesh Limited were present at the function.
ICT Department Secretary and Startup Bangladesh Limited Chairman Md. Mamunur Rashid Bhuiyan said, “Startup Bangladesh was established with a long-term vision to act as a catalyst for innovation-driven growth by creating entrepreneurs. Our first successful exit is an important institutional milestone and is a reflection of the growing maturity of Bangladesh’s startup ecosystem.”
Nurul Hai, Managing Director and CEO of Startup Bangladesh Limited, said, “We are committed to supporting the growth and success of Bangladeshi startups. Our relationship with the founders does not end with the exit from an investment. Even after the exit, the startups will receive the necessary support from us. At the same time, we will continue to support investors through our ‘Fund of Funds’ initiative and work to ensure more capital flows into the country’s startup ecosystem. This is an important time to invest in Bangladesh, as there is strong growth potential in almost every sector. Successful exits are possible, but closer collaboration, coordination and collective efforts are needed among all stakeholders in the ecosystem to harness the country’s full potential.”
Arefin Rafi Ahmed, Co-Founder and Managing Director of Pulsetech Limited, said, “Startup Bangladesh has trusted us from the beginning and has played a significant role in our journey forward. This successful exit demonstrates that Bangladesh has the talent and entrepreneurial environment where it is possible to build world-class organizations that can generate positive returns for investors.”
As one of the country’s pioneering institutional venture capital investors and the only venture capital institution of the Bangladesh government, Startup Bangladesh considers this exit not only as a financial achievement, but also as an important step in strengthening investor confidence and establishing venture capital as a promising asset class in Bangladesh. This successful exit is expected to further encourage local and international investors to invest in innovative startups and contribute to the sustainable growth of the country’s innovation ecosystem.
Since the start of its investment activities, Startup Bangladesh has invested in 36 promising startups across various sectors. The company has been providing growth capital and strategic guidance to entrepreneurs. This successful exit reaffirms the company’s commitment to long-term support for startups in their growth journey, while creating value for entrepreneurs, investors and the national economy. Startup Bangladesh is not just investing, but also playing a catalytic role in strengthening the country’s innovation ecosystem by providing strategic vision, ensuring good governance, attracting follow-on investments and connecting entrepreneurs with domestic and global opportunities.
Since Startup Bangladesh’s investment in 2024, PulseTech Limited has emerged as one of the fastest growing healthcare technology companies in Bangladesh. As the country’s leading technology-driven pharmaceutical distributor, the company has modernized one of the largest and most fragmented industries in the country by integrating pharmaceutical distribution, embedded financing, Software as a Service (SaaS) solutions and one pharmacy franchise network.
During this time, the company has grown its annual revenue from approximately $2 million to over $150 million while maintaining a profitable position. The company has maintained an average monthly growth rate of 20 percent over the past 18 months and currently serves over 14,000 pharmacies, providing reliable medicines to approximately 8.5 million people in Dhaka. PulseTech is currently preparing to raise Series A funding, expand its operations nationwide, and enter the international market of the Gulf region. This successful exit of Startup Bangladesh further highlights the potential and expansion potential of the startup ecosystem in Bangladesh.
It is worth noting that Startup Bangladesh Limited is the only venture capital and fund management company of the Government of Bangladesh under the ICT Department. The company invests in innovative and high-growth potential startups across various sectors, as well as provides capital and strategic support to entrepreneurs. Encouraging innovation, creating jobs, and building a knowledge-based technology-based economy are the main
