BKash, the leading mobile financial service provider in the country, posted Tk 123 crore of losses in 2021, which is 83 per cent higher than the losses it posted in the corresponding period of the past year.
\nBRAC Bank, the majority shareholder of bKash, on Sunday disclosed the financial statements of the MFS provider in its audited financial statement for the year 2021.
\nThe gross revenue of the company soared by 22 per cent to Tk 3,196 crore in 2021 against Tk 2,625 crore in the previous year. BKash posted losses as its operating and administrative expenses rose by 22 per cent to Tk 586 crore.
\nbKash has been sustaining losses since 2019.
\nThe company is increasing its investment in new technologies and services to meet the growing demand that has affected its profitability, bKash officials said.
\nEstablished in 2011, bKash had been profitable until 2018.
\nIn 2019, the net loss was Tk 63 crore. The company suffered Tk 67 crore of loss in 2020.
\nIndustry insiders said that the arrival of business rival Nagad in 2019 prompted bKash to increase its strategic investments to retain its market share.
\nThis has caused the entity to incur losses for three consecutive years, they said.
\nThe valuation of IT sector businesses is determined based on their growth, not earnings. Growth in the company would reap benefits in the future, bKash officials said.
\nBefore the launch of Nagad in 2019, bKash\u2019s profits in 2017 and 2018 were Tk 48.78 crore and 18.48 crore respectively.
\nBRAC Bank currently holds 51 per cent equity shares in bKash. The other shareholders are Money in Motion LLC (a company listed in the US), International Finance Corporation (IFC), Softbank and Alipay Singapore.<\/p>\n

– Input from New Age<\/strong> was used in this article<\/p>\n","protected":false},"excerpt":{"rendered":"

BKash, the leading mobile financial service provider in the country, posted Tk 123 crore of losses in 2021, which is 83 per cent higher than the losses it posted in the corresponding period of the past year. BRAC Bank, the majority shareholder of bKash, on Sunday disclosed the financial statements of the MFS provider in … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[4],"tags":[13769,13766,13767,1712,6871,13479,13768],"yoast_head":"\n