Startup Bangladesh Limited, the only government-backed venture capital platform under the ICT Division, has completed its first portfolio exit through health-tech company PulseTech Limited, marking the country’s first successful exit by a sovereign venture capital fund.
The exit highlights the growing maturity of Bangladesh’s startup ecosystem, where early-stage investors are seeking to demonstrate that technology companies can generate value and attract larger pools of private capital.
Startup Bangladesh has invested in 36 startups across sectors since launching operations, providing growth capital and strategic support to founders.
“Completing our first successful exit is an important institutional milestone and reflects the growing maturity of Bangladesh’s startup ecosystem,” said Md Mamunur Rashid Bhuiyan, Secretary of ICT Division and Chairman of Startup Bangladesh Limited.
PulseTech scales from $2m to $150m
Startup Bangladesh invested in PulseTech in 2024, backing the company’s expansion in Bangladesh’s fragmented pharmaceutical distribution market.
The company has since grown into a technology-enabled healthcare platform, combining pharmaceutical distribution, embedded financing, SaaS solutions and its ONE Pharmacy franchise network.
PulseTech has expanded annualised revenue from around $2 million to more than $150 million while remaining profitable, according to the company.
According to a Startup Bangladesh press release, over the past 18 months, PulseTech has maintained an average monthly growth rate of 20 per cent and now serves more than 14,000 pharmacies, providing access to authentic, counterfeit-free medicines for more than 8.5 million people in Dhaka.
The company is preparing for a Series A fundraising round, nationwide expansion and entry into Gulf markets.
Iterative, AVV join investor base
PulseTech raised $3 million in a pre-Series A funding round announced in December 2025, co-led by Singapore-based Iterative and Ascend Vietnam Ventures.
Before the round, the company’s institutional investors included Startup Bangladesh, its first institutional backer in 2024, and Accelerating Asia Ventures, which invested $100,000 in the same year.
The details of Startup Bangladesh’s exit, including the buyer of its stake and financial terms of the transaction, were not disclosed.
Fund plans more startup exits
Startup Bangladesh said the PulseTech exit demonstrates that technology-driven companies in Bangladesh can create value for founders, investors and the broader economy.
Nurul Hai, Managing Director and CEO of Startup Bangladesh, said the organisation would continue supporting startups beyond exits through its Fund of Funds initiative and by bringing more capital into the ecosystem.
“We remain committed to helping Bangladeshi startups grow and succeed. Through our Fund of Funds initiative, we will also continue to support investors and bring more capital into the ecosystem,” he said.
He added that successful exits would require closer collaboration among entrepreneurs, investors, government agencies and private-sector stakeholders.
Founders target global expansion
Arefeen Raafi Ahmed, Co-Founder and Managing Director of PulseTech, said Startup Bangladesh’s early investment helped the company move into its next phase of growth.
“Startup Bangladesh believed in our vision from an early stage and became a valuable long-term partner in our growth journey,” he said.
Kazi Ashikur Rasul, Co-Founder and CEO of PulseTech, said Startup Bangladesh was the company’s first institutional investor and helped build confidence in its business model.
“Startup Bangladesh was our first institutional investor. They trusted us at a very early stage. This belief helped us build a company that not only serves the nation but is also able to deliver a successful outcome for its investors,” he said.
Startup Bangladesh said it would continue investing in high-growth startups, mobilising public and private capital and strengthening Bangladesh’s innovation ecosystem.
