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Automobile sector’s Vroom gets investment 

Startup Bangladesh Limited, the flagship venture capital company of the ICT Division, decided to back by investing in one of the first online automotive solution providers Vroom Services Ltd. Vroom, launched in late 2017, offers 360-degree service solutions through its website and mobile application related to automobiles.

An agreement was signed between the organizations on Wednesday afternoon, 26 October 2022 at the Startup Bangladesh office at Gulshan in Dhaka.

In the presence of the Senior Secretary of the ICT Division & the Startup Bangladesh Chairman Mr. N M Zeaul Alam PAA, the Managing Director of Startup Bangladesh Mr. Sami Ahmed and the Chairman of Vroom Services Limited Mr. Zia Chowdhury signed the agreement.

The Head of Portfolio Investment of Startup Bangladesh Mr. Hasan A. Arif and The Managing Director of Vroom Syed Ahsan Habib, The Executive Director Mr. Masum Mohiuddin Murad and other stakeholders were present at the program.

“The work that Vroom is doing in the Automobile industry is highly commendable and the investment from Startup Bangladesh Ltd in Vroom will help it to be the change maker of the industry. He said that the automobile industry is an important sector in the implementation of Smart Bangladesh. I hope that they will be able to make a deep impact on Smart Bangladesh implementation in the Automobile Industry. The ICT Division is working diligently in changing policies that assist the emerging and growing startups in many aspects, whether it is policy level, training, development etc. With the right strategy and focus, Vroom will be able to make a remarkable example as a successful and sustainable startup in the ecosystem” mentioned Mr. NM Zeaul Alam PAA, Senior Secretary, ICT Division and Chairman of Startup Bangladesh Ltd.

Mr. Sami Ahmed, Managing Director of Startup Bangladesh Limited said “Startup Bangladesh aims to support homegrown startups to grow and reach heights that generate higher standards for more Foreign Investment. The local startup ecosystem is greatly influenced by prospective ventures like Vroom, where passion and professionalism, coming together, can provide a single organization with the strength to give its whole industry a significant push forward.”

The Chairman of Vroom Services Limited Mr. Zia Chowdhury said “Vroom aims to create a one-stop platform for anything and everything for automobile-related products and services. This investment from Startup Bangladesh will help Vroom to strengthen its digital services portfolio in the automobile sector and significantly contribute to the mission of making an even better Digital Bangladesh”.

Note that digitization in the automobile sector is still in its infancy, due to which customers are missing out on many services and benefits. The ICT Division and startup Bangladesh wishes to take the automobile sector to new heights by joining hands with stakeholders and trade partners like Vroom. With the funds provided by Startup Bangladesh, Vroom will start hybrid and EV-targeted workshop projects and also undertake skill development programs for mechanics, drivers and car owners.

Under the guidance and advice of the Honorable State Minister for the ICT Division Mr. Zunaid Ahmed Palak MP, Startup Bangladesh Limited is working tirelessly to create a sustainable startup ecosystem in Bangladesh. Startup Bangladesh Limited is continuing its activities to encourage foreign direct investment in the country by transforming the innovative ideas of startups into businesses.