Astha IT, a software and technology consulting firm with global operations, has secured a US$2Mn investment from Fakir Fashion, an apparel manufacturing company. The agreement was signed by Fakir Kamruzzaman, Managing Director of Fakir Fashion, and Hasnaeen Rahman, founder and CEO of Astha IT.

Founded in 2008 and now headquartered in the U.S., Astha IT offers coding and software development services to various clients, including governments and large-scale enterprises. The company employs over 500 professionals skilled in AI, DevOps, cloud computing, and software engineering.

Fakir Fashion, established in 2009, is a knit garment manufacturer exporting approximately US$170Mn worth of clothing annually. Following the investment, Fakir Kamruzzaman will assume the role of chairman at Astha IT, with Hasnaeen Rizvi Rahman continuing as CEO.

Fakir Kamruzzaman believes “Fakir Group has a good reputation across Bangladesh's business industry and abroad. On the other hand, Astha IT has been providing information technology support for over 15 years, and they have many leading customers. I believe that our joint work and capitalizing on our reputation will help us to be the country’s largest IT support providing firm.”

Hasnaeen Rizvi Rahman also added, "We have over 500 software engineers, and most probably, we are the first IT-based Bangladeshi company who has an office in the USA. This partnership marks a significant milestone for us as we look to further expand our services and reach."

The investment aims to leverage the strengths of both companies to accelerate digital transformations globally. This partnership is part of Astha IT's strategy to enhance its offerings and expand its market reach, aligning with efforts to grow the IT sector in Bangladesh and beyond.