Dhaka-based healthcare startup Praava Health is looking to raise $15 million in Series B funding to expand both its physical clinic and pharmacy footprint and drive digital expansion, US-based media outlet Axios reports.
Healthcare is a major challenge in Bangladesh. The sector suffers from a multitude of challenges including a lack of trust and limited capacity, which has created a massive demand for quality healthcare in the country.
Launched in 2018, Praava has built a reputation for excellent quality and customer service. The company has developed an integrated "brick and click" model that combines both physical in-clinic and virtual health care services and describes itself as a “one-stop-shop for your health, offering caring doctors, world-class diagnostics and much more.” The company offers a range of healthcare services including in-clinic services, virtual consultations, and diagnostic services including laboratory and imaging, procedures, and health plans. It also has a pharmacy business.
Praava has a fully integrated hospital information system that allows the company to better manage the medical records of patients, which patients can access anytime from anywhere using the Praava mobile app. The app, which Praava calls SuperApp, also works as a home for its digital offerings that include telemedicine, e-pharmacy, remote chronic care management, and home sample collections.
Praava Health Founder and CEO Sylvana Q. Sinha described the model to Axios as “One Medical plus Quest Diagnostics plus PillPack under one roof.”
The news comes after about a year of Praava’s Series A funding round. In March 2021, Praava raised $10.6 million in Series A funding from an excellent list of investors including SBK Tech Ventures; David Howell Petraeus, chairman of the KKR Global Institute; Rushika Fernandopoulle, co-founder of Iora Health; and Geoff Price, co-founder of Oak Street Health, and others.
The company says it has served 350k-plus patients, with more than 1,100 corporate clients to date. Currently a team of 450-plus employees, the startup generated $8 million in revenue in 2021 and was EBITDA profitable. Praava aims to reach 1 million patients by 2024.