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Ostad Secures 1 Crore Taka Investment in Shark Tank Bangladesh

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Published: 20:28, 15 May 2024

Update: 20:37, 15 May 2024

Ostad Secures 1 Crore Taka Investment in Shark Tank Bangladesh

Photo : Courtesy

Bongo, the country’s leading OTT platform, has made a significant impact on the entrepreneurial landscape with its initiative, Shark Tank Bangladesh. In a recent episode of Shark Tank Bangladesh, a record-breaking investment of Tk 1 crore was made, marking a significant milestone in the show’s history to date. The recipient of this investment was ‘Ostad,’ an AI-based online live learning platform that has made a name for itself amongst skill development enthusiasts.

Ostad, an online platform providing diverse IT training courses, has an impressive track record in job placement, successfully assisting 6000 people to secure employment. Reflecting its robust growth, the company generated revenue of Tk 7.5 crore in 2023 and has set an ambitious target of Tk 25 crore for 2024.

The entrepreneurs behind Ostad initially proposed an investment of Tk 1 crore for a 1.25% stake, valuing the company at Tk 80 crore. However, after several rounds of intense negotiations, BdJobs Managing Director Fahim Mashroor, Robi R Ventures CEO Kazi M Hasan, and Start-up Bangladesh’s Managing Director Sami Ahmed agreed to acquire a 6% stake (1.7% in cash and 4.3% in advisory shares) for Tk 1 crore.

Sami Ahmed commended Ostad’s entrepreneurial success story, celebrating that young entrepreneurs had converted their dorm business from KUET into an 8 to 10-crore venture. He highlighted the significant role of platforms like Shark Tank in enabling such progress. He specifically congratulated four startups, Ostad, Parkway Furniture, Egi Bazaar, and English Champ, and expressed his hope for continued innovation among the nation's youth.

In addition to Ostad, two other businesses secured investments in this phase. English Champ, an organization offering online English proficiency courses for school-aged children and teenagers, secured a loan agreement of Tk 20 lakh in exchange for an 18% share and a Tk 30 lakh loan at 10% interest from Sharks Fahim Mashroor and Sami Ahmed. Parkway Furniture, a furniture manufacturing and retail business, secured an investment of Tk 1.5 lakh cash for an 18% share, along with Tk 7.5 lakh work order financing from Sharks Fatin Haque and Sausan Khan Moyeen.

The latest episode of Shark Tank Bangladesh airs every Friday at 10 PM, broadcasting simultaneously on both the Bongo Platform and Deepto TV. Additionally, viewers can watch previous episodes for free anytime on the Bongo OTT platform.
 

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