Merchant Bay raises $260,000 to develop digital tools for RMG industry
Dhaka Based RMG digitization Startup Merchant Bay raised $260,000 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.
Merchant Bay, a marketplace and software service provider in the apparel sector has raised $260,000 through angel investment from several serial angel investors in a pre-seed round, says a press release.
Investment raised will be used to develop specialized business intelligence solutions, smart factory management tools and platform services for the readymade garment sector.
"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," the press release quoted the company's Chief Executive Officer Abrar Hossain Sayem as saying.
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. Today Merchant Bay has more than 1000 suppliers on its platform.
For the past one year, Merchant Bay has been working on increasing digital literacy of Bangladesh suppliers and conducting market research to identify areas in readymade garments industry where technology can help increase efficiency. During the Covid times Merchant Bay helped many businesses to meet their sourcing needs through its online marketplace.
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. Currently Merchant Bay is working towards building specialized management tools, services and a B2B marketplace for RMG industry.