Brain Station 23, the Dhaka-based software company co-founded by Raisul Kabir, is planning to double down in the local market with a concentration in the banking industry and ERP. “We plan to launch a few sector specific products in the local market. Two of our focus areas are financial industry and ERP, Raisul Kabir told Future Startup in a recent interview.
This is going to be one of the major strategic shifts for the outsourcing focused company. That said, the company already has a strong presence in the local market, around 25% of its revenue comes from the local market. It has done some quite interesting works as well including internet banking app City Touch for The City Bank.
Started in 2006, Brain Station is one of the largest software firms in the country. The company employs over 150 people. From the start, it largely focused on outsourcing and almost 75% of its revenue still comes from outsourcing. However, the company realizes that the future of outsourcing is not that bright and also that there is a growing demand for technology services in Bangladesh, particularly in the banking industry. Most banks avail software solutions from foreign companies which is expensive and cause friction when it comes to customization and quick fixes. “Bangladesh is a big and growing market and we see a lot of opportunities in the coming days.”
Brain Station 23 raised an investment from BD Venture and IPE capital later in 2016. The company plans to invest more in the growth. “We have been growing at a 30% rate yearly for a while now. We are trying to grow even faster,” said Raisul Kabir. “That is one of the reasons why we took the investment.” Strategically the investment is more than mere money to the Brain Station, it aims to leverage the access its investors have in the local banking industry given its renewed focus on the local market.