Sheba’s comeback story
FROM PAGE B4
Adnan candidly recalled the struggle inside the startup at the time.
A colleague struggled to pay his child’s school fees and another was on the brink of defaulting on a loan.
“We also had regular service providers on our platform who were struggling to make ends meet. We faced these challenges head-on, prioritising the needs of our people within limited funds,” he said.
“Our efforts were directed towards ensuring that each individual received the support they needed,” Adnan added.
After one year of struggle, Sheba once again got backing from some top local conglomerates and started over again.
“We are resolute in our determination to bounce back, even in the face of a powerful storm. We have not faltered, and the 60 individuals who stood by us are just as determined as I am,” Adnan said.
He also said Sheba has already disbursed Tk 7 crore in outstanding salaries and payments to vendors, bringing the company close to settling all pending payments.
“We firmly believe in the future of this company. Witnessing Sheba’s profound impact on people’s lives and the positive changes it has brought reinforces our confidence. Experiencing a single financial setback does not necessarily imply a dire situation,” Adnan added.
He credited Sheba’s board and shareholders for the comeback.
“Their unwavering confidence and consistent support during challenging times have played a pivotal role in our turnaround,” he said.
According to him, Sheba is a completely locally funded company unlike most other startups.
It raised about Tk 70 crore from local backers as of May 2022. Since May 2023, it has secured funding of Tk 32 crore from some local backers in a series A round, taking its total funding to Tk 102.
It plans to raise another Tk 18 crore from other local backers in the coming weeks, taking its overall series A round investment to Tk 50 crore.
“In the latest round, BSRM Group, a leading steel manufacturer and one of the largest conglomerates of the country, entrusted their confidence in the impact that Sheba is creating for small merchants and the economy by becoming the latest investors,” he said.
“Besides, Startup Bangladesh Limited is again investing in this round, showing their faith in the concept that is Sheba,” Adnan added.
As the operations of the company is expanding, it started hiring since May this year and now has more than 350 employees.
In August this year, it secured a Payment Service Provider (PSP) licence from the central bank to launch Sheba Pay.
The Sheba platform is now working on creating an ecosystem for small and medium enterprises (SMEs).
“Already, 35,000 SMEs have used our payment platform,” he said.
Adnan also said the landscape of SMEs, including micro businesses, in Bangladesh is brimming with potential.
“Over the past 10 years, we’ve seen the number of SMEs grow to 10 million. These businesses are more than just numbers; they’re the lifeblood of our economy, with a projected contribution of $500 billion by 2041,” he said.
With Sheba Pay and the Sheba Ecosystem, the company is positioned to help these SMEs flourish and grow, creating a more inclusive financial environment in the process, he added.
Apart from simply doing business, Sheba’s dream is to enhance consumer experiences with innovative products and services.
Adnan said Sheba is more than just a service delivery platform for users.
“A child got trapped in a bathroom when the door malfunctioned. The mother then contacted us, and we successfully rescued the child within 30 minutes,” he said.