A private equity fund worth Tk 15 crore called ‘R-Ventures’ was unveiled by RedDot Digital to promote digital entrepreneurship in Bangladesh.
The wholly-owned subsidiary of Robi Axiata, the fund will work as an alternative investment fund registered under the Bangladesh Securities and Exchange Commission (BSEC).
With this new initiative, the total number of venture capital and alternative investment funds available in the nation stands at 7.
“The initiative to form the R-Ventures Alternative Investment Fund to support young entrepreneurs is highly commendable,” said Prof Shibli Rubayat Ul Islam, chairman of the BSEC.
“We will always provide our full support for such initiatives,” added Islam, who expects that the success of this move would encourage others to introduce similar funds to support promising ventures.
Mahtab Uddin Ahmed, the managing director and chief executive officer of Robi Axiata, stated that R-Ventures to work to make sure a reliable and specialised source of an alternative investment fund to turbocharge the nation’s digital start-ups with good potential.
Other than that securing the investment fund, R-Ventures will provide management advisory and mentoring support to participating digital start-ups.
On top of that, it will plug digital start-ups into a strong investors’ network for securing their funding.
“So, R-Ventures will certainly diversify our capital market,” Ahmed added.
Fund’s sponsor will be RedDot Digital, while the general partner or fund manager will be SBK Tech Ventures. On the other hand, Green Delta Insurance Company will act as the fund’s guardian.
IDLC Investments and ACNABIN will perform the roles of valuer and auditor respectively.
With the purpose of launching the fund, an agreement signing ceremony took place among RedDot Digital, SBK Tech Ventures and Green Delta Insurance Company at a city hotel on July 30.
Asif Naimur Rashid, managing director of RedDot Digital, and Sonia Bashir Kabir, founder of SBK Tech Ventures, signed the agreement on behalf of their respective organisations.
BSEC Commissioner Shaikh Shamsuddin Ahmed and Chairman of the Venture Capital and Private Equity Association of Bangladesh Shamim Ahsan were also present on the occasion.