Key Takeaways
- • Bangladesh Startup Investment Company (BSIC), a bank-backed venture capital platform supported by 39 commercial banks, has appointed Waiz Rahim as its first Managing Director and CEO, marking the institution's operational launch.
- • BSIC has established its inaugural fund, "Onkur Bangladesh Fund 1," with $35 million in committed capital, with expectations to exceed Tk1,000 crore ($120+ million equivalent) within five years, driven by Bangladesh Bank guidelines requiring participating banks to allocate 1% of annual net profits to startup equity.
- • Rahim brings direct venture capital and startup founding experience, having previously served as Venture Partner for Bangladesh at Sturgeon Capital (managing $300 million across Central Asia, Pakistan, and Bangladesh) and founded Deligram, an omnichannel e-commerce platform that raised $2.5 million from institutional investors.
- • The fund will operate as a co-investment vehicle alongside domestic and foreign investors, positioning itself to address the documented capital gap faced by Bangladeshi startups seeking institutional venture funding.
- • BSIC's establishment reflects a policy-driven effort to develop Bangladesh's venture capital ecosystem and mobilize domestic institutional capital toward high-growth technology companies.
Summary
Bangladesh Startup Investment Company (BSIC) PLC, a bank-backed venture capital firm supported by 39 commercial banks under Bangladesh Bank guidance, has appointed Waiz Rahim as its first Managing Director and Chief Executive Officer. The appointment, announced on August 20, 2026, marks a significant milestone in the institution's operational development as it establishes a structured platform for channeling institutional capital into domestic startups.
BSIC has launched its flagship investment vehicle, "Onkur Bangladesh Fund 1," with committed capital of $35 million (Tk425 crore). The fund structure emphasizes co-investment alongside both domestic and foreign capital providers. Notably, a Bangladesh Bank directive requires participating member banks to invest 1% of their annual net profits in startup equity funding, creating a systematic capital deployment mechanism. This regulatory framework is expected to drive the fund's size beyond Tk1,000 crore within five years, substantially expanding available venture capital for the domestic startup ecosystem.
Rahim's appointment reflects a deliberate recruitment strategy focused on operational expertise and direct market experience. Before joining BSIC, he served as Venture Partner for Bangladesh at London-based Sturgeon Capital, which manages $300 million across Central Asia, Pakistan, and Bangladesh markets. In that role, he led investment sourcing, due diligence, and portfolio management activities. His entrepreneurial background includes founding Deligram in 2017, an omnichannel e-commerce platform designed to digitize neighborhood grocery retail. Deligram successfully raised more than $2.5 million from institutional investors based in Singapore and New York, providing Rahim firsthand insight into both the capital-raising challenges confronting Bangladeshi startups and the operational complexities of building technology-enabled businesses within the region. Rahim holds an engineering degree from the University of Southern California.
Mashrur Arefin, BSIC's Chairman and Chairman of the Association of Bankers, Bangladesh, emphasized that the CEO appointment represents a critical organizational milestone for the venture investment company. The establishment of BSIC and its inaugural fund addresses a documented institutional gap in Bangladesh's venture capital landscape, where high-growth startups have historically faced barriers accessing early-stage and growth-stage equity capital domestically, forcing many to pursue foreign investor networks or remain undercapitalized.
BSIC has launched its flagship investment vehicle, "Onkur Bangladesh Fund 1," with committed capital of $35 million (Tk425 crore). The fund structure emphasizes co-investment alongside both domestic and foreign capital providers. Notably, a Bangladesh Bank directive requires participating member banks to invest 1% of their annual net profits in startup equity funding, creating a systematic capital deployment mechanism. This regulatory framework is expected to drive the fund's size beyond Tk1,000 crore within five years, substantially expanding available venture capital for the domestic startup ecosystem.
Rahim's appointment reflects a deliberate recruitment strategy focused on operational expertise and direct market experience. Before joining BSIC, he served as Venture Partner for Bangladesh at London-based Sturgeon Capital, which manages $300 million across Central Asia, Pakistan, and Bangladesh markets. In that role, he led investment sourcing, due diligence, and portfolio management activities. His entrepreneurial background includes founding Deligram in 2017, an omnichannel e-commerce platform designed to digitize neighborhood grocery retail. Deligram successfully raised more than $2.5 million from institutional investors based in Singapore and New York, providing Rahim firsthand insight into both the capital-raising challenges confronting Bangladeshi startups and the operational complexities of building technology-enabled businesses within the region. Rahim holds an engineering degree from the University of Southern California.
Mashrur Arefin, BSIC's Chairman and Chairman of the Association of Bankers, Bangladesh, emphasized that the CEO appointment represents a critical organizational milestone for the venture investment company. The establishment of BSIC and its inaugural fund addresses a documented institutional gap in Bangladesh's venture capital landscape, where high-growth startups have historically faced barriers accessing early-stage and growth-stage equity capital domestically, forcing many to pursue foreign investor networks or remain undercapitalized.
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