Astha IT – a globally operating and Bangladesh’s leading IT software and technology consultancy firm – has secured a multi-million-dollar investment from apparel manufacturing company Fakir Fashion, with the aim to dominate both the local and international markets.
Fakir Fashion Managing Director Fakir Kamruzzaman Nahid signed an agreement in this regard with founder & CEO of Astha IT Md Hasnaeen Rizvi Rahman on Tuesday in the capital.
Founded in 2008, Astha IT is currently headquartered in the USA. The firm is globally offering top-rated and vetted coding talent for scalable solution development for governments, large-scale enterprises, industries and start-ups.
The company has over 500 talented employees, is well-known for their proficiency in the fields of artificial intelligence, cloud computing, DevOps, and cutting-edge software development.
Meanwhile, Fakir Fashion began operations as an independent vertically integrated knit garment setup in 2009, and currently exports clothing valued at over $170 million per year.
According to the agreement, Fakir Kamruzzaman will be the new Chairman of Astha IT, while Hasnaeen Rizvi’s designation will be unchanged.
Fakir Kamruzzaman told The Business Post, “Fakir Group has a good reputation across Bangladesh's business industries and abroad.
“On the other hand, Astha IT has been offering IT support for more than 15 years, and they have many leading customers. I believe if we work together and utilise our reputation, we might become the largest IT support provider in the country.”
He added, “Our cooperation and capitalisation of our reputation will help us become the country’s largest IT support providing firm.”
In their 15 years journey, Astha IT has over 50 foreign customers, and completed over 1,200 projects successfully. The company is providing skilled IT engineers for companies, governments for short and long terms. It provides AI support for companies as well.
According to the new agreement, Fakir Fashion will invest $2 million into Astha IT with the aim to leverage the strengths of the companies, driving innovation, and accelerating digital transformations across various sectors worldwide.
CEO of Astha IT Hasnaeen Rizvi said, “We have over 500 software engineers, and we are probably the first IT-based Bangladeshi company with an office in the USA.
"We reached this point because we worked hard. We feel a partnership, and we choose Fakir Fashion because of their standing and dedication. This partnership will extend our global horizons to an endless extent! We are eager to expand throughout the world.”
During the programme, Bangladesh Association of Software and Information Services (BASIS) President Russell T Ahmed drew attention to the emerging IT industry of Bangladesh, its immense potential to empower its youth, and making use of its human resources.
Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Vice President Fazlee Shamim Ehsan said, “Software and information services are key elements for every sector, and currently the area is dominated by foreign companies.
“I am optimistic that the alliance will help the local firm to provide better service to us, and dominate Bangladesh’s market.”
