Welcome to another edition of FS Startups to Watch. In this edition, we feature three companies: a healthcare startup, a co-living startup, and an insurance tech company. You can read previous editions of startups to watch here.
At a Glance
Bimafy was founded in 2019 by Alvi Nazim Nafi and Arnab Paul. Bimafy says it is on a mission to transform the way insurance integrates into the daily lives of its people. At present, the platform provides a range of insurance, including health, accident, travel, motor, and life insurance, in collaboration with insurance companies. Additionally, the company also provides corporate insurance solutions.
By combining digital solutions with a commitment to transparency, convenience, and accessibility, Bimfy aims to reshape the way people view and engage with insurance. Insurance penetration remains poor in Bangladesh. Some of the major challenges behind this are accessibility, awareness, and lack of trust. Bimafy aims to change that by making insurance accessible and transparent.
Transparency: Insurance remains to some extent an impenetrable thing to the majority of people. Being a digital platform, Bimafy can bring transparency to make insurance more accessible and transparent to people.
Convenience: The second challenge to insurance penetration is the convenience. The entire process appears lengthy. On Bimfy, users can subscribe to a policy online and get everything done at their convenience. It makes getting an insurance policy an easy and user-friendly experience.
Reach and accessibility: Digital services have been experiencing consistent growth in Bangladesh over the last few years. When you put something online, it means access it easier and it has a greater reach. Bimfy taking the insurance online allows it to take the insurance to more people.
Bimafy has raised $95K in disclosed investment since its founding in 2019. The company collaborates with several well-established insurance firms to provide top-quality insurance products and services on its platform. It streamlines the traditional insurance process and jointly creates and introduces sought-after, inventive insurance solutions. Insurance penetration is likely to grow in Bangladesh in the coming years.
At a Glance
HealthOS serves as the digital platform for the distribution and logistics of healthcare and pharmaceutical products in Bangladesh. The company says it provides same-day delivery to thousands of pharmacies. HealthOS can be called a B2B commerce company for pharmaceutical and healthcare products where pharmacies and other healthcare retailers can order products using the HealthOS app and HealthOS delivers the product directly to the pharmacies. The companies serve as a bridge between suppliers, pharmacies, and healthcare facilities.
Founded by Ashraful Alam and Faisal Mahmud in 2017, HealthOS essentially aims to streamline the pharmaceutical supply chain in Bangladesh.
The company has two products: one for pharmacies, a medicine procurement app, and another for hospitals.
The pharmacy app is used by pharmacies in Bangladesh to procure prescription and OTC products. The value pharmacies get from HealthOS is price transparency, discounts, and same or next-day delivery.
The hospital app provides a full-fledged hospital management system (HMS) with key modules like ERP, e-prescriptions, and telemedicine.
Pharmacies is one of the largest retail markets in Bangladesh. The segment suffers from a myriad of inefficiencies. While a number of online pharmacies are working to build a D2C business, HealthOS takes a different approach where it works directly with pharmacies to supply products.
Managing the logistics and delivery of healthcare products is crucial, especially for ensuring the timely availability of medicines and other healthcare supplies. Here, Health OS seems to play a vital role in improving the distribution and availability of healthcare and pharmaceutical products in Bangladesh. It is a big market and supply suffers from various limitations. More importantly, pharmacies have become an important part of Bangladesh’s retail culture. Digitizing the supply chain for this vertical should offer a meaningful opportunity for the company.
At a Glance
Nestor Living is a co-living company that offers housing solutions for bachelor students and professionals in Bangladesh. The company provides a comprehensive solution that includes rentals, services, and everyday necessities within a communal environment. They not only provide comprehensive rental management for tenants within their properties but also extend their services to the surrounding community through subscription packages like community memberships and meal plans.
The company states that it primarily aims to streamline access to rentals, amenities, and services for young professionals and students in urban areas, boosting rental income for property owners, and delivering a hassle-free property management experience. Nestor currently runs one hostel in
Founded by Shoumik Datta in 2021, the company has built a fascinating business model that includes rental, services, meals, and other relevant facilities for the residents as well as for the neighborhood it operates in.
Comprehensive offerings: Nestor Living understands the multifaceted requirements of its urban clientele. In response, the company provides a suite of offerings that includes not only rental accommodations but also a plethora of services and daily essentials.
Rental management excellence: One of Nestor Living's standout features is its comprehensive rental management services. Within their properties, they offer fully managed rentals, ensuring that tenants enjoy a hassle-free and comfortable living experience.
Community-centric approach: Nestor has paid a lot of attention to the co-living and community aspects of its housing solution. Through innovative subscription packages, such as community memberships and meal plans, Nestor Living fosters a sense of community and belonging.
Affordable housing is a big problem in Bangladesh. For students and bachelor professionals living in cities like Dhaka, it is a major hassle. There are multiple layers to this challenge. The first layer is accommodation, which is a real-estate play. The second layer can be serviced for the people who live there. Nestor already offers basic and related amenities to its dwellers. The potential opportunity in the vertical is huge. If the company can pull it off, Nestor Living is at the forefront of redefining urban living for young professionals and students.
