Tuesday, 19 October, 2021

Merchant Bay raises $260k for developing digital tools for RMG

  • Staff Correspondent
  • 26 September, 2021 12:00 AM
  • Print news
Merchant Bay raises $260k  for developing digital tools for RMG

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­Merchant Bay, a marketplace and software service provider in the apparel sector, has raised $260 thousand through angel investment from several serial angel investors in a pre-seed round for developing specialised business intelligence solutions, smart factory management tools and platform services for the readymade garment sector.

Merchant Bay's Chief Executive Officer Abrar Hossain Sayem said that the company began its journey with the goal of bringing about a qualitative change in the ready-made garment sector. This investment will help company to fully implement its ideas on digitisation of the readymade garment sector.

He hoped that this will enable then to quickly build Merchant Bay as a major driver of qualitative change in the garment sector in Bangladesh.

Merchant Bay has started its journey in 2020 with the dream of digitising 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 corona.