'Ostad' secures Tk1cr investment in Shark Tank Bangladesh
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.
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 Tk1 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, reads a press release.
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 Tk7.5 crore in 2023 and has set an ambitious target of Tk25 crore for 2024.
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The entrepreneurs behind Ostad initially proposed an investment of Tk1 crore for a 1.25% stake, valuing the company at Tk80 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 Tk1 crore.
Sami Ahmed commended Ostad's entrepreneurial success story, celebrating that young entrepreneurs had converted their dorm business from KUET into an Tk8 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 organisation offering online English proficiency courses for school-aged children and teenagers, secured a loan agreement of Tk20 lakh in exchange for an 18% share and a Tk30 lakh loan at 10% interest from Sharks Fahim Mashroor and Sami Ahmed.
Parkway Furniture, a furniture manufacturing and retail business, secured an investment of Tk1.5 lakh cash for an 18% share, along with Tk7.5 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 the Bongo Platform and Deepto TV. Additionally, viewers can watch previous episodes for free anytime on the Bongo OTT platform.
