Dhaka-based RMG digitization startup Merchant Bay raises $ 260,000 in pre-seed round
Merchant Bay, the Dhaka-based RMG digitization start-up, raised $ 260,000 in a pre-seed round to develop specialized business intelligence solutions, intelligent factory management tools and platform services. -multi-sided shape for the RMG industry in Bangladesh. Merchant Bay, a marketplace and software service provider in the apparel industry, raised funds from angel investors in a pre-seed round, a press release from the company said.
Merchant Bay CEO Abrar Hossain Sayem said, “Merchant Bay has started its journey with the goal of bringing quality change to the ready-to-wear industry. This investment will help us to fully implement our ideas on the digitization of ready-to-wear. We hope this will enable us to quickly build Merchant Bay as a major driver of qualitative change in the garment industry in Bangladesh.
Merchant Bay began its journey in 2020 with the goal of digitizing the Bangladesh RMG industry, connecting the supply chain, and facilitating sourcing for global buyers in Bangladesh. Today, Merchant Bay has more than 1,000 suppliers on its platform.
Over the past year, the company has worked to increase the digital culture of the country’s suppliers and conduct market research to identify areas of the industry where technology can help increase efficiency, a added the press release.
During the Covid era, Merchant Bay helped many businesses meet their sourcing needs through its online marketplace.
Through Digital Trade Week, Merchant Bay connected representatives from 40 countries. He was able to connect 1,400 suppliers and 300 buyers during the event.
Currently, Merchant Bay is working to create specialized management tools, services and a B2B marketplace for the RMG industry.