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Bijon Islam, CEO and Co-founder of LightCastle Partners attended the Apon Investment Announcement Ceremony held on February 7, 2024. He joined the event as the moderator of the Panel Discussion titled, ‘Revolutionizing Financial Inclusion and Worker’s Wellbeing.’
During this event, Apon announced raising USD 1.5 million in a pre-seed investment round. The seed round was oversubscribed, garnering a high valuation and attracting investments from prominent entities. Among the investors are US venture capital firm Village Capital, Startup Bangladesh, and several undisclosed angel investors.
Launched in 2017, Apon aims to establish a sustainable platform to benefit industrial workers in Bangladesh. It operates retail shops inside factories where workers can buy groceries and household goods at discounted prices, up to 10% less than outside retail.
Workers can also buy on credit, with the cost deducted from their next salary. Furthermore, for every 100 takas spent, workers earn 1 reward point in their Apon account. After accumulating 200 points, workers gain access to free health coverage and insurance up to 30,000 takas from Green Delta Insurance Company.
Discussing the impact of newer technologies on the financial inclusion of Bangladesh, Bijon Islam stated, “As we can see in Bangladesh, embedded finance solutions are getting popular. This particular sector is also attracting a lot of investment. If we consider applications, for example, Apon combines facilities like grocery credit, insurance benefits, health finance, etc.”
Bijon Islam further mentioned the importance of partnership and collaboration for a business and Apon Bazaar’s success in achieving that.
A diverse audience representing various industries, including fintech, retail, manufacturing, banking, and the startup ecosystem graced the Apon Investment Announcement Ceremony.
Honorable State Minister, Mr. Zunaid Ahmed Palak, MP, Minister of the Ministry of Posts, Telecommunications and Information Technology served as the Chief Guest to launch the event.
Additionally, Faruque Hassan, President of BGMEA, and Sami Ahmed, Managing Director of Startup Bangladesh Ltd., attended as Special Guests.
Neela Hosna Ara, Director BGMEA & investor of Apon Bazaar and Co-Founder and Chairperson, Crony Group was also present at the event.
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