Welcome to yet another edition of FS Startups to Watch list. We're excited to be back with the list after quite a long hiatus. We’ve been busy with several new initiatives across community and events. Some of which I hope you already have come across such as our monthly FS Talk series (we just announced the new FS Talk June). But we are always looking for new fascinating companies to follow. 

In this edition of Startups to Watch, we feature three companies: a mental health startup, a small business management app, and a fashion-focused ecommerce company. You can read previous editions of startups to watch here. 

Relaxy

• Founders: Jahnnobi Rahman, Naimul Hoque Joy, and Shamiul Islam Shopnil
• Founding year: 2021
• Vertical: Mental health, Healthcare
• Disclosed investment: $13,000 (Source)
• Disclosed investor: Sajida Foundation

Relaxy is a Dhaka-based mental health startup that states that it is “on a mission to make mental health support radically more accessible, preventative and relatable, and stigma-free.”

The platform provides personalized mental health services, such as tailored meditations, enjoyable activities to engage in with friends, and one-on-one psychosocial support. These services are usually designed based on analyzing users' moods, habits, behavioral patterns, content preferences, and communication tones.

What you need to know 

• Founded by Jahnnobi Rahman, Naimul Hoque Joy, and Shamiul Islam Shopnil in 2021, the Relaxy app broadly provides three services that users can access via the Relaxy app.
  • Connect with people far and around: Experience the chance to share your emotional state of mind. Gain access to an array of remarkable features on the app that promote mindfulness. Receive emotional support for yourself while also enabling the opportunity for everyone to support others.
  • Access mindfulness: Assisting individuals in cultivating a sense of meaning and direction in life. Enhancing their self-assurance and fostering a healthy self-image and promoting positive emotions and nurturing empathy within them.
  • Psychological well-being services: They offer online counseling services individually and in group settings. Providing these services online has been demonstrated to be equally effective while offering additional advantages, such as increased flexibility and safety, particularly in the current circumstances.

Relaxy has received a fair bit of attention. Founders have made it this year’s Forbes 30 Under 30 in 2023. It has received an undisclosed investment from Sajida Foundation. The company says its app has been downloaded more than 15000 times. 

Why it matters 

Mental health is increasingly becoming a challenge across the world. It is no different in Bangladesh. As our society transitions towards a more individualistic orientation under the growing influence of Western culture, mental health is increasingly becoming a challenge, making services like Relaxy widely relevant for many people. 

• Relaxy aims to make mental health support more accessible to a wider audience. Providing an online platform breaks down geographical barriers, allowing individuals to seek support and guidance from the comfort of their own homes. The service is particularly valuable for those who may face limitations in accessing traditional mental healthcare services due to location, time constraints, or other barriers.
• Relaxy strives to make mental health support more relatable for its users. Mental health issues remain under-discussed in our society. In many instances, there is a stigma around mental health issues. People don’t want to discuss them openly. In many cases, there are not many opportunities for doing so either. By creating a safe and inclusive space for sharing emotions and seeking support, Relaxy promotes open conversations and fosters a greater understanding of mental health issues.
• Relaxy says it embraces a holistic approach to mental health and well-being. It incorporates various elements, including mindfulness practices, social connections, and therapeutic support, to address the multifaceted nature of mental well-being. By acknowledging the interconnectedness of different aspects of life, Relaxy supports individuals in nurturing their overall well-being, not just addressing isolated symptoms or challenges.

Relaxy is dedicated to revolutionizing mental healthcare in Bangladesh. The company says its mission is to make mental health support easily accessible, proactive, relatable, and without stigma. 

Relaxy offers a secure environment for individuals to express their emotions, providing personalized services such as customized meditations, enjoyable activities with friends, and therapy sessions based on users' moods, habits, content preferences, and even communication styles.

Hishabee

• Founders: Rakin Savi, Ratul Tazul, and Zahin Juvi
• Founding year: 2020
• Vertical: B2B SaaS
• Disclosed investment: $340k (Source)
• Disclosed investors: Accelerating Asia, SELISE Digital Platforms

In Bangladesh, small businesses form the backbone of the economy, contributing significantly to employment and local entrepreneurship. However, these businesses often face challenges in effectively managing their operations and maximizing sales. 

Enter Hishabee, a Dhaka-based startup that provides a mobile and web-based SaaS business management solution for SMEs.  

Using the Hishabee app and website, small and medium companies can manage their sales, create e-commerce websites, issue invoices, record all sales, expenses, and due, get detailed, financial reports of business performance every day/week/month, Keep track of all inventory and automatically adjust stock, Manage all your customers, employees and suppliers, get access to Facebook and Google ads without the need of having an international credit card, and manage and keep track of their day-to-day operations in a simple and integrated way. The company has also introduced a shop section on its web and app where it provides content and courses targeting small businesses. 

The company says it understands the unique needs and constraints of small retailers in Bangladesh and provides them with innovative tools and technologies to enhance their sales and reduce costs. By leveraging the power of digital solutions, Hishabee equips retailers with the means to streamline their operations, make informed decisions, and ultimately drive growth through the Hishabee app. 

What you need to know 

• Founded by Rakin Savi, Ratul Tazul, and Zahin Juvi in 2020, the Hishabee app broadly provides services that users can access via the Hushabee app. 
• The company was in Accelerating Asia’s cohort 7 and was also a winner in the recent Robi R Venture 3.0. Per Crunchbase, Hishabee raised some $340k in total disclosed investment. 

Why it matters 

• Small and medium businesses have become a new battleground of digitization in emerging markets. In Bangladesh, there are estimated to be some 5 million SMEs across sectors and the majority of them operate manually and run their business using pen and paper. This limits the potential of these businesses because they don’t have enough information about their business. 
• Hishabee app aims to enable these businesses to streamline their day-to-day operations by providing a centralized platform for managing various aspects of their daily operations. From inventory management to sales tracking, the app consolidates essential functions into a single, user-friendly interface. This streamlining of operations saves time and effort, allowing businesses to focus on core activities and improve overall efficiency. 
• Since Hishabee deals with small businesses and their operations, it also hints at potential opportunities for the company to go beyond accounting and related services and offer other value-added services for these businesses as the Hishabee platform grows. 

BlueCheez Outfitters 

• Founders: Md Kamruzzaman and Simeen Zaman
• Founding year: 2021
• Vertical: Fashion e-commerce
• Disclosed investment: N/A
• Disclosed investors: N/A

Blucheez Outfitters is a Dhaka-based fashion ecommerce retailer. Founded in 2021, the company has managed to create quite a buzz within a short period of time. The company says it was founded with the aim of catering to a wide range of consumers who appreciate distinctive and unconventional fashion. 

What you need to know 

• Founded by Md Kamruzzaman and Simeen Zaman in 2021, the company broadly provides products such as Panjabi, Waistcoat, Pajama, Pant, T-shirt, Hoodies, Jackets, Kurti, Salwar Kameez, Western Tops at affordable prices. 
• It has been on an aggressive marketing drive since its launch two years ago. The company onboarded Bangladeshi Cricket star Sakib Al Hasan as its brand ambassador and regularly makes rounds with its interesting marketing drives. 
• The company says it aims to establish itself as a prominent online fashion destination catering to both men and women. 

Why it matters 

There are not many vertical ecommerce fashion startups in Bangladesh. As ecommerce grows, there is room for a number of vertical fashion ecommerce players who can effectively differentiate themselves and build innovative business models to compete In the highly competitive fashion industry. Blucheez has so far shown a willingness to take risks and go all in. We’ll be following the company closely to see where it goes from here.