RedDot Digital, a wholly-owned ICT focused subsidiary of Robi Axiata Ltd, has unveiled a private equity fund worth Tk 15 crore named R-Ventures to promote digital entrepreneurship in the country.
The fund will work as an alternative investment fund and will be registered under Bangladesh Securities and Exchange Commission (BSEC).
The initiative to form R-Ventures Alternative Investment Fund to support young entrepreneurs of the country is highly commendable, said Prof Shibli Rubayat Ul Islam, chairman of BSEC.
"Seeing its success, I hope others will also come forward, he said. We would always provide our full support for such initiatives."
The R-Ventures will work to ensure reliable and specialised source of alternative investment fund to turbocharge the country's promising digital start-ups, said Mahtab Uddin Ahmed, managing director and CEO of Robi Axiata.
Apart from securing the investment fund, R-Ventures will provide management advisory and mentoring support to the participating digital start-ups, he said.
Besides, it will plug digital start-ups to a strong investors' network for securing their funding. Hence, R-Ventures will certainly diversify the country's capital market, Ahmed added.
RedDot Digital will act as the sponsor of the fund, 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 Ltd and ACNABIN shall perform the roles of valuer and auditor respectively.
With the purpose of launching fund, an agreement signing ceremony took place among RedDot Digital, SBK Tech Ventures and Green Delta Insurance Company Limited on Wednesday.
RedDot Digital's Managing Director Asif Naimur Rashid and Founder of SBK Tech Ventures Sonia Bashir Kabir signed the agreement on behalf of their respective organisations.
Shaikh Shamsuddin Ahmed, commissioner of the BSEC; Shamim Ahsan, chairman of Venture Capital and Private Equity Association of Bangladesh, and Shihab Ahmad, chief commercial officer of Robi, also spoke at the event.
The signing ceremony was held at Sheraton Dhaka.