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September 28, 2021

Merchant Bay in funding win for RMG digitisation project

Merchant Bay, a Dhaka-based readymade garment startup, has raised US$260,000 in pre-seed funding to help with a digitisation project for the sector.

By Hannah Abdulla

Through the funding, Merchant Bay aims to execute a digitisation project, producing smart management tools for factories and production houses and multi-sided platform services for the local industry.

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Merchant Bay is a marketplace and software service provider that started its journey in 2020 with a dream to digitise the apparel sector in the country.

It produces smart RMG management tools and solutions to ease the sourcing process of global buyers, enhance supply chain systems and bring overall qualitative change in the production and distribution process.

The funding came from several investors, according to the Financial Express, citing a statement from the company.

CEO Abrar Hossain Sayem says the funding will help it to bring a qualitative change in the RMG industry through digitisation.

Bangladesh’s garment sector is ramping up its focus on digitisation in a bid to be able to compete on a global platform.

Just Style earlier spoke to Rakib Abdullah Hil of the Bangladesh Garment Manufacturers Association (BGMEA) ahead of the launch of the new Centre of Innovation, Efficiency and Occupational Safety and Health as the sector looks to grow its presence in value-added textiles.

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Free Report
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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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