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‘Nagad becomes successful unicorn startup within 3 years’

Published : Wednesday, 22 May, 2024 at 12:00 AM  Count : 247

‘Nagad becomes successful unicorn startup within 3 years’

‘Nagad becomes successful unicorn startup within 3 years’

Within just three years of its inception, Nagad, a leading mobile financial service provider in Bangladesh, has established itself as the most successful startup unicorn in the country, according to Honourable State Minister for Posts, Telecommunications and Information Technology, Zunaid Ahmed Palak.
At the same time, Nagad has contributed Tk 14.5 crore to the governments revenue earnings over the last four years, he noted. He said this at the inauguration ceremony of the newly elected board of directors of the Bangladesh Association of Software and Information Services (BASIS) at Radisson Blu Water Garden Hotel, Dhaka, Monday evening.
Earlier, at another programme, the State Minister emphasised that with the governments encouragement for public-private partnership, Nagads collaboration with the Postal Department has not only allowed the former to provide affordable services to customers, but it has generated revenue for the latter too - alongside contributing to the countrys move towards a cashless society and economy.
He noted that last year alone, Nagad shared over BDT 5.5 crore in revenue with the Postal Department under their revenue-sharing agreement.
Highlighting the role of the Postal Department and State Minister Zunaid Ahmed Palak in Nagads rise, Tanvir A Mishuk, founder and CEO of Nagad Ltd., said: "The Postal Department has supported us from the beginning, and Palak Bhai has been by our side since our inception. Whenever we face a problem, he helps us resolve it quickly."
Mentioning special loan facilities for all BASIS members once Nagad Digital Bank goes into operation, Tanvir A Mishuk pointed out, "BASIS plays a crucial role in shaping policies in our IT sector. I congratulate and also request them that they contribute to policy updates as required. I promise that Nagad Digital Bank will provide collateral-free loans for all BASIS entrepreneurs."
According to the revenue-sharing agreement, the Postal Department is entitled to 51% of Nagads income.
The Postal Department received BDT 1.12 crore in 2020. As Nagads services have expanded and its customer base has grown, the departments revenue also has increased proportionally. In 2021, Nagads contribution amounted to BDT 3.32 crore and the figure rose to BDT 4.5 crore in the following year - 2022. In the latest contribution, Nagad shared BDT 5.51 crore with the department from its income generated in 2023.
Inaugurated by Prime Minister Sheikh Hasina, Nagad embarked on its journey in 2019 based on an agreement with the Postal Department. In 2023, Nagad received the "Fastest to Unicorn Award" from Honourable Prime Minister Sheikh Hasina.
At the BASIS event on Monday, among others who spoke were Prime Ministers Advisor for Private Industry and Investment Salman Fazlur Rahman; State Minister for Commerce Ahasanul Islam Titu; President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md. Mahbubul Alam; and President of BASIS Russell T. Ahmed, says a press release.







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