PulseTech secures US$ 3.0m to transform Bangladesh's pharmaceutical supply chain

PulseTech, a B2B healthtech platform operating in Bangladesh, has successfully closed a US$ 3.0 million Pre-Series A funding round. The investment was co-led by Iterative and AVV, marking AVV's inaugural investment in the country. The capital will support PulseTech's ambitious plans to reshape pharmaceutical distribution across South and Southeast Asia.

The startup has demonstrated remarkable growth over the past year, expanding its operations by more than 15 times. Currently, PulseTech serves over 12,000 pharmacies and reaches 3.5 million people in Dhaka alone. This rapid scaling reflects the urgent need for solutions in Bangladesh's pharmaceutical sector, where counterfeit medicines pose a persistent threat to public health.

Tackling a critical health crisis: Bangladesh faces a serious problem with counterfeit pharmaceuticals. According to PulseTech's research, at least one in every ten pharmaceutical products reaching patients is counterfeit. This statistic represents more than just numbers; it translates to real health risks for millions of people who rely on local pharmacies for their medication needs.

The root of this problem lies in the country's fragmented distribution system. Medicine distribution operates largely through manual processes with minimal regulation. Pharmacies often purchase from wholesale markets to secure lower prices, but this practice creates entry points for counterfeit products to infiltrate the supply chain.

Arefeen Raafi Ahmed, managing director of PulseTech, explains the severity of the situation: "At least one in every 10 pharmaceutical products that reach patients in Bangladesh is counterfeit, a risk that is simply unacceptable. As pharmacies are the primary source of medicine for consumers, we founded PulseTech to ensure pharmacies get products from verified sources. Our mission is to ensure that patients never worry about the authenticity of the medicine they take."

The Medbox solution: PulseTech addresses these challenges through its Medbox platform, a data-driven e-commerce application designed specifically for pharmaceutical distribution. The system connects retail pharmacies directly with verified manufacturers, eliminating intermediaries that could introduce counterfeit products.

Through Medbox, pharmacies can place orders digitally, and PulseTech handles the last-mile delivery. This approach creates a transparent, traceable supply chain where every product's origin can be verified. The platform also provides pharmacies with digital tools for inventory management, order processing, and daily operations, helping small businesses modernise their workflows.

Exceptional growth trajectory: The response from the market has been substantial. Hsu Ken, co-founder and managing partner at Iterative, shared the company's impressive performance: "We first invested in PulseTech in February 2025. During their three months Iterative programme, PulseTech grew from US$ 1.0 million to $13 million revenue, the fastest velocity in their batch by far. The market pull is there because PulseTech is solving a fundamental need: distributing medicines to local pharmacies efficiently via the Medbox platform, versus pharmaceutical company sales staff visiting each store one by one. Even more importantly, Kazi and Arefeen are co-founders who are like family to each other, complementing each other with deep pharmaceutical domain experience and high-velocity tech execution."

Driving financial inclusion: Beyond distribution, PulseTech has identified another critical challenge facing retail pharmacies: access to capital. Small pharmacy owners often struggle to secure financing from traditional lenders, limiting their ability to maintain adequate stock levels and grow their businesses.

PulseTech's solution leverages the data it collects through the Medbox platform. With detailed inventory information at hand, the company can help pharmacies establish creditworthiness and connect them with financial institutions. This data-driven approach to inventory credit promotes financial inclusion for a sector that has historically been underserved by formal banking channels.

Expansion plans and vision: The new funding will support PulseTech's launch of the "One Pharmacy" franchise model. This initiative aims to bring non-compliant, small-scale pharmacies into a unified, compliant framework. By standardising operations and ensuring regulatory compliance, PulseTech hopes to elevate the entire sector whilst expanding its reach.

International expansion is also on the horizon. PulseTech plans to enter South and Southeast Asian markets where similar counterfeit pharmaceutical challenges exist. The company believes its model can be adapted to address these regional issues whilst enabling cross-border product distribution.

Eddie Thai, co-founder of AVV, the leading early-stage VC firm based in Vietnam that has backed several unicorns over the last decade, sees strong potential in Bangladesh's market. "I first visited Bangladesh 15 years ago, and even then, I felt an energy reminiscent of Vietnam, the same energy that has propelled Vietnam into one of the world's most dynamic emerging economies. At AVV, we've been eager to find and back teams who can help transform Bangladesh. The PulseTech team has delivered extraordinary growth, made even more impressive given the country's ongoing political transition. I'm thrilled to support their journey and excited to see where they head next."

The founding story: Kazi Ashikur Rasul and Arefeen Raafi Ahmed founded PulseTech in 2021 with a clear mission: ensure pharmacies can access authentic medicine directly from verified manufacturers. The co-founders bring complementary skills to the venture, combining deep pharmaceutical domain knowledge with technology execution capabilities.

Rasul, who serves as CEO, articulates the broader vision: "Our goal goes beyond improving individual pharmacies. We want to reshape how healthcare reaches communities across Bangladesh. By combining technology with financial support, we aim to set a new standard for the entire pharma supply chain and ensure reliable access to medicine nationwide and beyond."

With Bangladesh's pharmacy market valued at approximately US$ 6.0 billion, the opportunity for transformation is significant. PulseTech aims to become the backbone of pharmacy medicine distribution across Bangladesh and South Asia, setting new regional standards for safety, transparency, and digitalisation. The company has even set its sights on a potential future listing on global exchanges such as Nasdaq, signalling its long-term ambitions to build a world-class pharmaceutical supply chain platform.

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