One of Bangladesh’s top mobile financial service (MFS) providers, Nagad, became a unicorn startup just four years after its founding, making it the country’s fastest to accomplish this remarkable milestone.
Tanvir A. Mishuk, the founder and managing director of Nagad Limited, was presented with the “Fastest to Unicorn Award” by Prime Minister Sheikh Hasina today at the “Bangladesh Startup Summit 2023” at a major hotel in the nation’s capital as a reward for his accomplishment.
Eight organizations earned honors in eight categories at the presentation.
The two-day event brought together startups, businesses, venture capitalists, angel investors, regulators, think tanks, and experts from different nations. It was organized by Startup Bangladesh Limited, the government of Bangladesh’s flagship venture capital firm.
According to a press release, Nagad, which was inaugurated by Prime Minister Sheikh Hasina on March 26 under the motto “changing lives,” has transformed the nation’s MFS industry through a series of innovations and instilled confidence in a significant number of people to embrace the variety of products and services it provides.
By achieving a valuation of $1 billion, or 10,000 crore Taka, in just four years of operation, the state-owned mobile money provider has proven to be Bangladesh’s fastest unicorn business.
A decade ago, the word “unicorn” was first used in print. A unicorn is a startup company that is privately held and valued at $1 billion. There are approximately 1,200 unicorn startups worldwide at the moment.
A celebration of startups of this scale has never before taken place in Bangladesh. And Nagad was the first company to receive this recognition; it is a division of Bangladesh Postal Department.
Zunaid Ahmed Palak, state minister for information and communication technology, gave the opening address at the startup summit. He praised Nagad for helping Bangladesh create a smart economy.
In just four years since its launch, Nagad has amassed 8 crore customers, with an average daily transaction value of Tk 1,300 crore.
The introduction of a ground-breaking innovation that allows opening of an MFS account just by dialling *167# has earned Nagad a huge popularity. Besides, the mobile money carrier has become people’s first choice as it offers convenient and affordable services.
All these have helped Nagad become the country’s fastest unicorn startup. After receiving the acknowledgement memento, Managing Director of Nagad Limited Tanvir A Mishuk said, “This day will remain memorable for the Nagad family and me. What I’m now feeling cannot be expressed in words. Today we have got the recognition of the dream, with which we embarked on our journey, from the Honourable Prime Minister. We cannot ask for anything else.”
“The home-grown company has come this far because Honourable Prime Minister Sheikh Hasina’s ICT Adviser Sajeeb Wazed always inspired us to dream big. I extend my heartfelt gratitude to him,” he noted.
“I believe Nagad will become the first decacorn company in Bangladesh,” Tanvir added.
A private corporation that is valued at more than $10 billion is given the decacorn designation. There are currently very few such businesses in existence.
Nagad now pays out school stipends and social security benefits such pensions for the elderly, widowed, and disabled. It has so far distributed Taka 25,000 crore to its recipients. The MFS firm, which has revolutionized the Fintech sector, is adamant about putting in place a successful smart payment system in Bangladesh.
At the startup summit, Sami Ahmed, managing director and CEO of Startup Bangladesh Limited, and Md Shamsul Arefin, chairman of the board of directors and secretary of the ICT division of Startup Bangladesh Limited, both gave speeches.
