Nagad becomes Bangladesh’s fastest Unicorn
Nagad has achieved unicorn status in an impressive four years since its launch, making it the fastest startup in the country to reach this milestone.
In recognition of this remarkable achievement, Tanvir A Mishuk, the founder and managing director of Nagad Limited, was honored with the “Fastest to Unicorn Award” by Prime Minister Sheikh Hasina at the prestigious “Bangladesh Startup Summit 2023,” held at Hotel InterContinental Dhaka.
The event, organized by Startup Bangladesh Limited, a flagship venture capital company of the Government of Bangladesh’s Information and Communication Technology Division, brought together startups, investors, regulators, and experts from various countries to celebrate entrepreneurship and innovation.
Since its inception on March 26, 2019, Nagad has been on a mission to transform lives and revolutionize the MFS industry in Bangladesh through disruptive innovations. The company’s diversified products and services have garnered immense popularity, attracting 8 crore customers and processing daily transactions averaging Tk1,300 crore.
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Nagad’s groundbreaking innovation, which allows users to open an MFS account by dialing *167#, has been a major factor contributing to its widespread adoption and success. As an arm of the Bangladesh Postal Department, the company has become a preferred choice for its convenient and affordable services.
With a valuation of $1 billion (Tk10,000 crore), Nagad has firmly established itself as Bangladesh’s fastest unicorn startup. Managing Director Tanvir A Mishuk expressed his gratitude to Prime Minister Sheikh Hasina’s ICT adviser, Sajeeb Wazed, for inspiring them to dream big and aim for greater heights. He believes Nagad will eventually become the country’s first decacorn company, surpassing the $10 billion valuation mark.
Nagad’s impact extends beyond financial services, as it actively contributes to the community by disbursing education stipends and social safety allowances, amounting to Tk25,000 crore for beneficiaries. The company is committed to establishing an effective smart payment system in Bangladesh, solidifying its position as a trailblazer in the Fintech industry.
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The “Bangladesh Startup Summit 2023” was a momentous occasion, marking the first grand event in the country to honor startups. Nagad’s recognition as the first-ever startup to receive the “Fastest to Unicorn Award” was a testament to its exceptional growth and accomplishments.
