Praava Health raises $10.6M to increase access to quality healthcare in Bangladesh

Praava Health, the fastest-growing consumer healthcare company in Bangladesh, announced today the successful closing of its Series A Prime round to grow its brick-and-click healthcare model, bringing total funding raised to $10.6 million.

Investors supporting Praava’s journey include: 

  • Ret. U.S. Army General David H. Petraeus, Chairman of the KKR Global Institute, Former Director of the CIA
  • Esther Dyson, Executive Founder of Wellville, Board Member of BAMF Health, Element3 Health, Yandex
  • SBK Tech Ventures
  • Dr. Jeremy Lim, Advisor, Digital Health, ASTAR (Singapore’s national science agency), Director of Global Health, National University of Singapore Saw Swee Hock School of Public Health
  • Dr. Rushika Fernandopoulle, Co-Founder & CEO, Iora Health
  • Geoff Price, Co-Founder and Chief Operating Officer, Oak Street Health 

Bangladesh is the world’s eighth most populous country with a population density triple that of India. One of the world’s fastest-growing economies, Bangladesh is projected to be one of the world’s 30 largest economies by 2030; GDP per capita exceeded India’s in 2020. However, the local healthcare system faces challenges. The average doctor’s consultation lasts 48 seconds. The country is home to merely one internationally accredited lab, and many drugs in the market are counterfeit. As in many low- and middle-income countries, more patients are dying due to lack of access to quality healthcare than lack of access alone

Praava Health is a patient-driven company disrupting the standard for healthcare for Bangladesh’s 170 million citizens. Tripling growth every year since launching in 2018, and currently serving 150,000 patients, Praava’s tech-forward model is designed to be efficient, accessible, and scalable across emerging markets, where 85 percent of the world lives.

2020 milestones:

  • 150,000 patients served to date, growing more than 3x over the previous year
  • 75,000+ COVID-19 tests processed in-house to date
  • Remote and virtual healthcare services grew to 40% of all services
  • New digital products, including telemedicine, e-pharmacy, and virtual primary care
  • Net Promoter Score (NPS) of 73, equivalent to the highest NPS scores for Fortune 500 companies

 

Praava’s “brick-and-click” healthcare platform integrates digital health and in-clinic experiences convenient to where everyone lives, works, and clicks. The platform seamlessly combines technology with traditional health services meaningful doctor-patient relationships (15-minute appointments) and quality diagnostics (lab and imaging) and medications to improve patient experiences and outcomes. Praava’s digital products include Bangladesh’s first patient app (launched in 2018), as well as telemedicine, e-pharmacy, and virtual primary care. Praava is also the first in the region to introduce value-based healthcare concepts, aligning patient values with its own incentives. 

Praava’s team is female-led — with women comprising 3/5 of the c-suite. Collectively, the team boasts more than 150 years of experience in healthcare and digital health. 

The Series A Prime raise comes at a time when COVID-19 has severely strained healthcare systems globally. Now, more than ever, greater investment in medical infrastructure and technology is required in Bangladesh and around the world. Praava serves on the front lines of Bangladesh’s COVID-19 response and keeps its members healthy and more resilient in the face of the next health challenge. 

“Access to healthcare is not enough quality is what saves lives,” says Sylvana Q. Sinha, Founder and CEO of Praava. “I moved to Bangladesh to start Praava after an alarming experience with my mother in a top private hospital in Dhaka. Other relatives with cancer were wrongly diagnosed. In fact, thousands of Bangladeshis travel abroad every single day seeking healthcare they can trust. These experiences made me wonder about the millions of people who don’t have the privilege to seek treatment abroad. Bangladeshis deserve access to local world-class, affordable healthcare that treats them with dignity. For Praava patients, healthcare you can trust is finally available anytime, anywhere.”

Esther Dyson, Executive Founder of Wellville, said, “What I like about Praava is their notion of a continuing relationship with their members. It’s not about episodes of healthcare; it’s working together with the member to keep them healthy and resilient.”

Retired General David Petraeus, who also served as Director of the CIA and now is Chairman of the KKR Global Institute, said, “I have invested in every funding round since Praava’s seed round, and I continue to be impressed by, and proud of, the company’s leadership. Praava’s unique model, that combines technology and in clinic healthcare solutions, has already proven effective and scalable in helping to address the pandemic and numerous other medical challenges, and it clearly offers great promise for the future of health services in Bangladesh – and, over time, beyond Bangladesh, as well. It has been truly inspirational to watch Praava’s progress and continued innovation in health service delivery in Bangladesh’s private sector, especially given that Bangladesh has already been a global model of private sector innovation in telecom and fintech.”

Praava also announced its Global Advisory Council, bringing together leading minds in business, healthcare systems and design, and healthcare technology to inform the Praava model. The Global Advisory Council includes: 

  • Dr. Ajay Nair, CEO, Swasth Digital Health Foundation
  • Dr. Benjamin Capistrant, Data Scientist, Cityblock Health
  • Celina Schocken, Principal, Advance Global Health
  • Deepak Pankaj, Portfolio Manager, Synthesis Capital
  • Dr. Fred Hersch, Program Manager, Google A.I. Healthcare
  • Dr. Gita Rao, Professor, MIT Sloan School of Management
  • Geoff Price, Co-Founder & Chief Operating Officer, Oak Street Health
  • Guilherme Azevedo, Founder, Alice, Co-Founder, dr.consulta
  • Katherine Holland, Executive Director, Perkins School for the Blind 
  • Dr. Kurt Herzer, Senior Advisor, Center for Medicare and Medicaid Services
  • Leah Pederson, Former Chief Innovation Officer & ITR Hub Director, USAID
  • Marlene Kuhn, Former Director of Special Initiatives, MIT Department of Architecture
  • Dr. Mohammad Rahman, Professor, Department of Public Health, California State University
  • Nathan Goldstein, Founding Chief Product Officer, Signify Health
  • Prashanth Nandavanam, CEO, Forward Measure
  • Dr. Rana Quraishi, Director of New Ventures, University of Maryland, Baltimore
  • Dr. Rushika Fernandopoulle, Co-Founder & CEO, Iora Health
  • Shwetank Verma, Co-Founder and General Partner, Leo.Capital
  • Dr. Stella Safo, Attending Physician and Strategic Consultant, Premier, Inc.
  • Trey Watkins, Executive Vice President, Global Health & Corporate Responsibility, GCI Health

About Praava Health: Praava Health is the fastest-growing consumer healthcare brand in one of the world’s fastest-growing economies, Bangladesh. Praava’s patient-centric model of care is raising the bar for healthcare for Bangladesh’s 170 million citizens through a combination of in clinic and digital healthcare offerings. The company’s “brick-and-click” platform combines digital tools with meaningful doctor-patient relationships, quality diagnostics, and pharmacy. 

Since launching in 2018, the company has served more than 150,000 patients through one flagship hub and 40 smaller mini-clinics throughout Dhaka as well as remote services. Praava plans to scale nationally in the coming decade through opening dozens of new clinics and mini-clinics, all while expanding its digital health offerings nationwide.

In May 2020, Fast Company recognized Praava Health in its World Changing Ideas Awards.

Profile on Bangladesh:

Bangladesh is one of the fastest growing economies in the world and is projected to be one of the world’s largest 30 economies within 10 years. The country’s economy grew by 8% in 2019 and 5-8% consistently for the previous 15 years. In 2020, Bangladesh grew by 4% against the backdrop of the 2020 global recession, Bloomberg named it one of the most resilient economies of 2020, and GDP per capita exceeded India’s for the first time ever. 

For more information, please visit www.praavahealth.com.