Shikho was blacklisted from government funding, says CEO

Shahir Chowdhury, the founder and CEO of the Bangladeshi edtech startup Shikho, recently stated in a Facebook post that his company had been blacklisted from receiving government funding. According to Chowdhury, Shikho was close to securing an investment, which included BDT 5 crore from Startup Bangladesh Limited (SBL) as part of a larger USD 1.5 million funding round. However, SBL abruptly withdrew its support just before the agreement was to be signed, citing political reasons.

In his post, Chowdhury claimed that SBL's decision was influenced by information from a third party, leading SBL to believe that it could not provide funds to Shikho due to political concerns. In his post, he expressed his surprise and disappointment, noting that this situation has posed a significant challenge for the company.

Chowdhury also stated that it later became clear that Shikho had been "blacklisted" from all official activities of the government. Despite efforts to maintain contact and seek assistance, he said that the Ministry of ICT and SBL chose to support only the institutions of their choice.

In his Facebook post, Chowdhury referenced comments made by Bangladesh's new ICT advisor, who has called for a re-evaluation of the startup ecosystem. He highlighted the importance of supporting startups that have faced challenges, alongside those that were previously supported by the government.

Earlier in March 2023, Shikho successfully raised USD 900,000 in a strategic funding round involving four investors, including three foreign venture capital funds: Goodwater, Sturgeon Capital, and Black Kite Capital. The Sajida Foundation, a charitable organisation, also participated in the fundraising effort. 

To date, Shikho has raised USD 6.5 million, the highest amount secured by any edtech startup in Bangladesh, according to a previous company press release. Shikho's investor base includes notable global entities such as Learn Capital from Silicon Valley and Wavemaker Partners from Singapore.