Nagad has seen its losses rise steadily, reaching Tk 262 crore in FY22, despite a growth in overall revenue. The company’s financial statement reveals that revenue increased by 49 percent to Tk 517.18 crore in FY22, compared to Tk 347.46 crore in FY21. Nagad’s financials also indicate loans amounting to Tk 617.60 crore, a current liability of Tk 3,027 crore, and total assets of Tk 2,473 crore.
To address its financial situation, Nagad recently obtained approval from the Bangladesh Securities and Exchange Commission (BSEC) to raise around Tk 510 crore through zero-coupon bonds. The bonds will be used to repay loans (Tk 400 crore) and serve as working capital. The company aims to become profitable by 2025 and has projected earnings of Tk 1,144 crore in 2024, gradually increasing to Tk 2,053 crore in 2028.
Despite the challenges faced by tech-based startup firms, Nagad remains optimistic about its future prospects, given its growing customer base and increasing transactions. The company plans to leverage its success in the digital financial service industry and attract more users through its newly launched Islamic wallet.
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