Healthcare industry is HUGE.
Investors are more than happy in investing in the right idea.
Praava Health, for instance - this Bangladeshi company combines telemedicine with physical health.
Slyvana Sinha — an international law, including serving as a foreign policy advisor to Barack Obama’s 2008 presidential campaign and working for the World Bank in Afghanistan — started Praava Health in 2014. The ‘lightbulb moment’ struck her head after her mother died of lack of quality healthcare in Bangladesh.
As per tech crunch, she said, “When I had this experience with my mom, I observed that there was really no amount of money that could afford you access to quality healthcare in Bangladesh.”
“It really struck me that despite all the progress the country had made, and the fact that there is now a middle class of 40 million people, that there are still not really great options for excellent healthcare,” she further added.
“You have thousands of people traveling abroad every year and billions of dollars a year going outside the country to access better healthcare.”
Praava has announced a Series A Prime round that brings its total funding to almost $10.6 million. Launched in 2018, Praava health has tripled its growth, with now serving 150,000 patients. The platform also processed about 75,000 COVID-19 tests in-house.
As per tech crunch, the major investors include — former Central Intelligence Agency director and United States army general David Petraeus; Wellville executive founder Esther Dyson; SBK Tech Ventures; Dr. Jeremy Link, advisor of digital health to Singapore’s Agency for Science, Technology and Research; Dr. Rushika Fernandopoulle, co-founder and CEO of Iora Health; and Geoff Price, co-founder and chief operating officer of Oak Street Health.
Bangladesh is a developing economy, but with 3 physicians and 1 nurse for every 10,000 people, it is impossible to serve a country of 170 million people. And this means, people travel long distances for consultations that may/may not last less than a minute.
“One of the things that we see telemedicine really help with is patients outside of Dhaka to figure out if they even need to make that trip,” said Sinha.
With this funding, Praava will be focusing on building a ‘super app’ for its audience that will merge all of its digital services in just one app. Before moving into Chittagong, it also plans to open ten more healthcare centers in Dhaka. Praava's "brick-and-click" model can be scaled to other emerging markets, but for the time being, it will focus on Bangladesh.