Sheba.xyz, a digital marketplace for household services in Bangladesh, recently closed a US$2.9Mn in Series A round with funding from BSRM Group, a leading steel manufacturer, and Startup Bangladesh Limited, the country’s sovereign venture capital fund. Sheba has now raised US$9.3Mn in total with plans to raise another US$1.6Mn.
Sheba has also obtained a Payment Service Provider (PSP) license and launched Sheba Pay in August 2023 within their Sheba Business Manager app focused on small businesses. The platform currently has 35,000 active users and plans to give SMEs access to markets, finance, and decision-making tools at scale. Sheba’s Co-Founder & CEO Adnan Imtiaz Halim stated, "There is significant potential in bringing solutions to Bangladesh's SME landscape, which is projected to contribute US$500Bn to the economy by 2041."
Monir Hossain, BSRM's Head of Corporate Strategy adds: “The country's MAC population is expanding rapidly—by an average of 10.5 percent annually and is expected to reach 34 million by 2025. These consumer segments earn enough to afford goods that offer convenience and luxury. On the contrary, currently mere 3% of SMEs have embraced digital payment solutions out of 10 million SMEs in the country. We think Sheba is rightly placed and ready to meet the expectations of the MAC population with a mission to build a well-recognized service Industry by embracing the demand to build a cashless society, have the SMEs liberated with digital and financial inclusion who account for 25% of the country’s GDP. We at BSRM firmly believe that the country will see a significant development of a cashless society soon and Sheba will be named as the pioneer in this journey.”