Merchant Bay has raised $260 thousand dollars in a pre-seed round to develop specialized business intelligence solutions, smart factory management tools and multi-sided platform services for the RMG industry of Bangladesh.
Investment raised will be used to develop specialized business intelligence solutions, smart factory management tools and platform services for the readymade garment sector, a press release said.
Abrar Hossain Sayem, Chief Executive Officer said, “Merchant Bay began its journey with the goal of bringing about a qualitative change in the ready-made garment sector. This investment will help us to fully implement our ideas on digitization of the readymade garment sector. We hope that this will enable us to quickly build Merchant Bay as a major driver of qualitative change in the garment sector in Bangladesh.”
Merchant Bay started its journey in 2020 with the dream of digitizing Bangladesh readymade garments industry, linking the supply chain, and making sourcing of global buyers from Bangladesh easy. Merchant Bay has more than 1000 suppliers on its platform.
Through Digital Trade Week Merchant Bay connected representatives from 40 countries. Merchant Bay was able to connect 1400 suppliers and 300 buyers during the event. Through 75 public and private sessions Merchant Bay provided assistance to buyers and suppliers in various ways during Covid. Such as identifying the needs, helping in sourcing, and various other business-related topics.
