Key Highlights
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Six startups affected: Markopolo, Fashol, Jatri, 10 Minute School, Arogga, and Solshare.
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Accused firm: SBK Tech Ventures Ltd, owned by Sonia Bashir Kabir, allegedly “disappeared” after pledging investments.
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SBK had announced $7.1 million investment but did not release any funds.
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Firm previously received government funds under the past Awami League government to promote startups.
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SBK reportedly failed to repay Tk 15 crore to a retired army officer and Tk 12 crore to Fiber at Home Limited.
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The firm is facing both domestic and overseas cases.
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Founders say the incident has severely harmed trust in Bangladesh’s startup ecosystem.
Startups Accuse SBK Tech Ventures of Default
Six promising Bangladeshi startups Markopolo, Fashol, Jatri, 10 Minute School, Arogga, and Solshare have reported being in financial trouble after SBK Tech Ventures Ltd failed to deliver on its investment promises. In a joint statement issued on Wednesday, the startups alleged that SBK Tech Ventures, led by Sonia Bashir Kabir, has apparently “disappeared” without releasing any of the committed funds.
Broken Promises and Financial Predicament
The affected startups stated that they had provided equity based on SBK’s assurance to mobilise the required investments. However, more than a year has passed without any funding. SBK Tech Ventures had announced an investment of $7.1 million last year, but according to the startups, not a single penny was released.
লোকসান দিয়ে শুরু, কিন্তু লাভে ফেরা কেমন করে? জানুন কাস্টমার অ্যাকুইজিশনের রহস্য!
“It felt like she (Kabir) had an agenda of killing all startups. She did a PR stunt,” Tasfia Tasbin, founder of Markopolo.
Allegations of Loan Defaults
The controversy surrounding SBK Tech Ventures deepens further. Reports indicate that the firm:
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Failed to repay Tk 15 crore borrowed from a retired army officer.
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Allegedly took Tk 12 crore from Fiber at Home Limited and did not return the money.
The company is also facing multiple cases both at home and abroad, adding to its troubled reputation.
Read more: We have Come Very Close to Gaza: Shahidul Alam
Founders Express Concern Over Startup Ecosystem
The failure of SBK to release funds has caused widespread dismay in the startup community.
“The failure to disburse a single penny in a year is irresponsible and damaging,” said Sakib Hossain, founder of Fashol.
“Such an incident has harmed trust,” he added.
A Blow to Bangladesh’s Startup Ecosystem
The startups emphasized that they have been waiting for over a year for SBK to honour its commitments. The situation worsened after the student-led uprising toppled the past Awami League government in August last year, leaving SBK Tech Ventures unaccountable. The incident has now raised serious concerns about investment credibility and the future of Bangladesh’s startup ecosystem.
Source: TBS
