Dhaka,  Friday
01 November 2024

Ostad gets Tk 1cr funding in Shark Tank 

Staff Reporter, Dhaka 

Published: 08:39, 16 May 2024

Ostad gets Tk 1cr funding in Shark Tank 

Photo : Collected

Ostad, an AI-based online live learning platform that has made a name for itself amongst skill development enthusiasts, has won a record-breaking investment of Tk 1 crore in a recent episode of Shark Tank Bangladesh, marking a significant milestone in the show’s history to date. 

Ostad, an online platform providing diverse IT training courses, has an impressive track record in job placement, successfully assisting 6,000 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 per cent 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 per cent stake (1.7 per cent in cash and 4.3 per cent 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 Tk 8-10 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 10PM, broadcasting simultaneously on both the Bongo Platform and Deepto TV. Additionally, viewers can watch previous episodes for free anytime on the Bongo OTT platform.

Messenger/Fameema