Active merchants

400K

Tier 2 and 3 cities

Monthly transaction

BDT 180 Cr

As of year 5

End borrowers

2.1M+

Reached via partners

Banking/NBFI partners

3

Live partners

IPO floor (2.5x)

BDT 1,607 Cr

Clause threshold

MAGF investment

BDT 180 Cr

28% stake

Scenario slider - revenue and valuation
WorstBest
50%
Projected revenue (Y10)
BDT 66.7 Cr
EBITDA
BDT 13.3 Cr
Valuation estimate
BDT 3023.9 Cr
MAGF MOIC (full stake)
4.70x
Revenue mix (base case)
Cashout fee 38.0%API/Scoring fees 32.9%Revenue share 16.4%Loan processing 11.8%In-house lending 0.9%
Scenario MOIC comparison
Scenario MOIC
Exit priority matrix
PriorityBest case pathWorst case pathMOIC (BC)MOIC (WC)Status
1st
Premium cross-border strategic secondary sale (growth equity)
  • Sell 11.2% to growth equity/strategic investor
  • Preserve founder control and long-term upside
Structured consolidation / domestic asset purchase
  • Phase 1: Domestic asset purchase with valuation reset
  • Phase 2: Regulatory + tax clearances and integration
8.60x0.81xPreferred
2nd
Structured share buyback via SPV (scheme of arrangement)
  • Scheme of arrangement with staged repurchase
  • Maintain regulatory standing and avoid forced IPO
Local consortia management buyout (MBO)
  • Phase 1: Bank-led financing + ownership transition
  • Phase 2: Governance stabilization + runway extension
5.13x0.81xFallback
Last
Fair market value forced drag-along sale
  • Only if all preferred options fail
Sum-of-the-parts IP asset liquidation
  • License handback and IP disposal
--Last resort