Startup Bangladesh Limited, the flagship venture capital fund of the ICT Division, today announced that it has canceled a Tk 5 crore investment proposal for 10 Minute School, Bangladesh’s largest edtech platform.

The decision was shared on Startup Bangladesh’s verified Facebook page and reiterated by State Minister for Posts, Telecommunications and Information Technology Zunaid Ahmed Palak on his own verified page.

Attack on students: Quota protesters block Khulna-Jashore Highway

“Startup Bangladesh Limited has rejected the investment proposal of Tk 5 crore for 10 Minute School,” Palak posted.

Quota protests: NSU, BracU, IUB students block major roads in Dhaka

This move comes amid the ongoing protests demanding reform of the quota system in government jobs. Ayman Sadiq, co-founder and CEO of 10 Minute School, has publicly supported the protestors’ demands for quota reform. “We demand quota reform. Merit should be the biggest quota,” Sadiq posted on his Facebook on Saturday, using the hashtag #QuotaMovement.

Quota reform protests: Students block several points of Dhaka-Barishal Highway