Dhaka, 1 July 2021: RedDot Digital, a wholly-owned ICT focused subsidiary of Robi Axiata Limited, has unveiled a private equity fund named, R-Ventures, to promote digital entrepreneurship in the country today. The fund will work as an Alternative Investment Fund (AIF) and will be registered under Bangladesh Security Exchange Commission (BSEC).
With the purpose of launching fund, an agreement signing ceremony took place among RedDot Digital, SBK Tech Ventures and Green Delta Insurance Company Limited. The agreement paves the way for these companies to collaborate for nurturing the digital startup ecosystem of Bangladesh.
RedDot Digital will act as the sponsor of the AIF, while SBK Tech Ventures will act as the General Partner or the Fund Manager. Green Delta Insurance Company, as trustee of the private equity fund, shall act as guardian of the fund. IDLC Investments Limited and ACNABIN shall perform the roles of valuer and auditor respectively.
BSEC Chairman, Professor Shibli Rubayat-Ul-Islam attended the signing ceremony as the chief guest. BSEC Commissioners, Dr. Shaikh Shamsuddin Ahmed was present as the special guest at the launching event. The signing ceremony was held yesterday at a city hotel.
RedDot Digital’s Managing Director, Dr. Asif Naimur Rashid outlined the vision of the private equity fund at the programme. Robi’s Chief Commercial Officer, Shihab Ahmad highlighted the journey of r-ventures and its current portfolio.
Speaking on the occasion, Robi’s Managing Director and CEO, Mahtab Uddin Ahmed said: “We are very proud to be unveiling the AIF, R-Ventures, to ensure reliable and specialized source of alternative investment fund to turbocharge the country’s promising digital start-ups. Apart from securing the investment fund, R-Ventures will provide valuable management advisory and mentoring support to the participating digital start-ups. Besides, R-Ventures will plug digital start-ups to a strong investors’ network for securing their funding. Hence, R-Ventures will certainly diversify our capital market.”
BSEC Chairman, Professor Shibli Rubayat-Ul-Islam said: “The initiative to form R-Ventures Alternative Investment Fund to support young entrepreneurs of the country is highly commendable. Seeing its success, I hope others will also come forward. We would always provide our full support for such initiatives.”
Founder of SBK Tech Ventures, Sonia Bashir Kabir and Chairman, Venture Capital and Private Equity Association of Bangladesh, Shamim Ahsan also spoke on the occasion. Representatives from Green Delta Insurance, IDLC Investment Limited and ACNABIN were present at the launching programme.