Bangladeshi state-owned mobile money carrier Nagad has achieved a remarkable feat, becoming the fastest unicorn startup in the country, reaching a valuation of over one billion U.S. dollars in just four years since its inception in March 2019. In recognition of this outstanding achievement, Nagad’s Managing Director and Founder, Tanvir A Mishuk, received the prestigious “Fastest to Unicorn Award” from Bangladeshi Prime Minister Sheikh Hasina at the inaugural ceremony of the “Bangladesh Startup Summit 2023” in Dhaka on Saturday.
The event, organized by Startup Bangladesh Limited, the flagship venture capital company of the Information and Communication Technology Division of the Bangladesh government, aimed to honor startups that have shown exceptional growth and innovation. Nagad emerged as the first startup in Bangladesh to attain unicorn recognition, a term used for privately held startup companies valued at over one billion U.S. dollars. As of now, there are approximately 1,200 unicorn startups worldwide.
Nagad has been at the forefront of reshaping Bangladesh’s mobile financial services (MFS) industry through continuous disruptive innovation. The company’s products and services have gained popularity for their convenience and affordability, inspiring confidence among the people to embrace mobile money solutions. With 80 million registered customers and daily transactions averaging over 1.2 billion taka (approximately $11.1 million USD), Nagad has witnessed significant growth in its user base and transaction volume.
Looking to expand its offerings into a complete financial solution, Nagad has announced plans to establish a digital bank. This move is aimed at providing all financial services on a single platform and further increasing the company’s valuation to two billion U.S. dollars.
The achievement by Nagad showcases the potential and growth opportunities in Bangladesh’s startup ecosystem. The company’s success reflects the nation’s increasing digital adoption and its growing appetite for disruptive fintech solutions.
