PulseTech, a B2B health-tech platform based in Dhaka, has successfully secured USD 3 million in a pre-Series A funding round. The funding was jointly led by AVV, a venture capital firm from Vietnam, and Iterative, an accelerator fund headquartered in Singapore.
This investment, disclosed on December 2, represents AVV’s initial foray into the Bangladeshi market. PulseTech plans to utilize the fresh capital to expand its operations nationwide, introduce a new “One Pharmacy” franchise model targeting smaller, non-compliant chemists, and prepare for expansion into South and Southeast Asian markets facing similar challenges with counterfeit medicines.
Established in 2021 by Kazi Ashikur Rasul and Arefeen Raafi Ahmed, PulseTech operates Medbox, a platform driven by data that enables pharmacies to directly source medications from verified manufacturers. The company manages last-mile delivery services and has experienced significant growth, serving over 12,000 pharmacies and reaching approximately 3.5 million individuals in Dhaka.
PulseTech’s “One Pharmacy” franchise concept seeks to unify numerous small, often informal pharmacies into a standardized and compliant framework. Many of these establishments operate with limited oversight and rely on wholesale markets for cost-effective supplies, potentially exposing the supply chain to counterfeit or substandard medications.
By consolidating demand and ensuring sourcing from verified manufacturers through Medbox, PulseTech aims to enhance transparency for regulators and lenders regarding pharmacy operations, while also improving the traceability and quality of medications.
Additionally, the platform offers digital tools like MediPOS and other software for inventory management and daily operations. By capturing inventory and sales data, PulseTech collaborates with financial institutions to provide inventory-backed credit to pharmacies, promoting financial inclusion in a predominantly cash-based segment.
Despite political uncertainties in the region, investors have shown confidence in PulseTech’s potential. Eddie Thai, co-founder of AVV, expressed admiration for PulseTech’s exceptional growth amidst Bangladesh’s transitional political landscape. AVV, with a track record of supporting Southeast Asian unicorns, is now exploring opportunities in neighboring emerging markets.
Hsu Ken, co-founder and managing partner at Iterative, revealed that the accelerator initially invested in PulseTech in February 2025. During the program, PulseTech’s revenues surged from USD 1 million to USD 13 million, driven by pharmacies seeking a more efficient alternative to traditional sales representatives visiting stores individually.
Ken praised co-founders Rasul and Ahmed for their expertise in the pharmaceutical sector and swift product execution, attributing these factors to the company’s success.
Bangladesh has grappled with the infiltration of counterfeit and substandard drugs into its medicine supply chain for an extended period. PulseTech estimates that approximately one in ten pharmaceutical products reaching patients in Bangladesh may be counterfeit, posing a significant threat to patient safety. Managing director Ahmed stressed the company’s commitment to ensuring pharmacies receive authentic products from verified sources, eliminating concerns about medication authenticity for patients.
The pharmaceutical industry in Bangladesh has witnessed rapid growth, meeting the majority of the country’s domestic demand for medicines. By the end of 2025, the domestic pharmaceutical market is projected to exceed $6 billion in value, with local manufacturers supplying around 97–98% of the country’s medicinal requirements.
While this growth has enhanced treatment accessibility, it has also heightened the complexity of the supply chain, making regulatory oversight and quality assurance more challenging, especially at the retail level.
Rasul, CEO of PulseTech, emphasized the company’s broader vision of reshaping healthcare access across communities in Bangladesh. By leveraging technology, direct sourcing, and financial access, PulseTech aims to establish a transparent and trusted network for medicine distribution. The company envisions becoming a regional pharmaceutical infrastructure platform and has expressed interest in a potential future public listing on a major global exchange, should it successfully establish itself as a key player in medicine distribution across Bangladesh and South Asia.