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Officials attend the ceremony marking Startup Bangladesh's first successful investment exit through PulseTech. Photo: Collected
Startup Bangladesh Limited, the government's venture capital and fund management company under the ICT Division, has completed its first successful portfolio exit through PulseTech Limited, marking what officials describe as Bangladesh's first successful state-backed venture capital exit.
The exit process was formally completed at a ceremony held at ICT Tower in Agargaon, Dhaka, in the presence of ICT Division Secretary and Startup Bangladesh Chairman Md. Mamunur Rashid Bhuiyan.
The event was attended by Startup Bangladesh Managing Director and CEO Nurul Hai, PulseTech Co-founder and Managing Director Arefin Rafi Ahmed, Co-founder and CEO Kazi Ashikur Rasul, along with senior officials from both organisations.
Speaking at the event, Mamunur Rashid Bhuiyan said Startup Bangladesh was established with the long-term vision of accelerating innovation-driven growth by supporting entrepreneurs. He described the company's first successful exit as a major institutional milestone and a reflection of the growing maturity of Bangladesh's startup ecosystem.
Startup Bangladesh said it views the exit not only as a financial achievement but also as an important step toward strengthening investor confidence and establishing venture capital as a promising asset class in Bangladesh. Officials believe the milestone will encourage greater domestic and international investment in innovative startups while supporting the country's knowledge-based economy.
Since launching its investment operations, Startup Bangladesh has invested in 36 high-growth startups across multiple sectors, providing entrepreneurs with capital, strategic guidance, governance support, access to follow-on funding and connections to both local and global markets.
Since receiving investment from Startup Bangladesh in 2024, PulseTech has emerged as one of the country's fastest-growing health technology companies. The firm has modernised Bangladesh's pharmaceutical distribution sector by integrating technology-driven distribution, embedded financing, Software-as-a-Service (SaaS) solutions and its One Pharmacy franchise network.
During this period, PulseTech increased its annual revenue from around US$2 million to more than US$150 million while maintaining profitability. The company has recorded an average monthly growth rate of 20 percent over the past 18 months and now serves more than 14,000 pharmacies, helping ensure reliable medicine distribution to nearly 8.5 million people in Dhaka.
PulseTech is currently preparing for a Series A funding round, nationwide expansion and entry into Gulf markets. According to Startup Bangladesh, the successful exit highlights the growing strength and long-term potential of Bangladesh's startup ecosystem.
https://thedailyexpress.news/news/business/1f190eb2-316d-6810-857f-020660f5cbc2