Niramoy
Investor & Client Deck · July 2026 · Confidential

The healthcare market
where nobody knows
the price.

A medical referral & discovery platform for Bangladesh. Verified facilities, published prices, a metered ambulance, and a compliant way to make money in a market built on kickbacks.

স্বচ্ছতা, যাচাই, আর সঠিক দাম — এটাই আমাদের পণ্য।


Prepared by
Mahfuz Akand
Uttara, Dhaka
Launch market
Dhaka
One neighbourhood first, then the city
Ambulance · trust wedge Diagnostics · volume engine Medical tourism · profit engine
NIRAMOY
01
The problem, in one number
79.31%

of Bangladeshi health spending
comes straight out of pocket.

Effectively the highest on earth — and rising, while every neighbour's is falling. There is no payer. There is no insurer. There is only the patient, paying cash, at the counter, with no idea what anything should cost.

World Bank / WHO Global Health Expenditure Database, 2023 (SH.XPD.OOPC.CH.ZS).

What that means downstream

  • Out-of-pocket payments pushed 3.7% of the population — about 6.13 million people below the poverty line in 2022.
  • Health spending is just 2.17% of GDP, US$53.46 per capita — ranked roughly 187th of 191 countries.
  • The public health budget only crossed 1% of GDP for the first time in FY2026-27 (Tk 69,409 crore).

BIDS / Bangladesh National Health Accounts; World Bank/WHO 2023; Financial Express 2026.

NIRAMOY
02
Where that money actually goes

A quarter of every taka a patient spends
is spent on a test.

Diagnostics is the #2 category of out-of-pocket health spending — bigger than seeing the doctor, bigger than getting there. It is also the single most manipulated line in the market.

Medicines
54.40%
Diagnostics
27.52%
Consultation
10.31%
Transport
7.77%
This is why diagnostics is the volume engine. It is high-frequency, repeat behaviour, and it is the category where price opacity does the most damage. Fix diagnostics and you have a daily-use habit, not a once-a-year emergency.

Bangladesh National Health Accounts (BNHA) / BIDS, data year 2021, presented July 2024. Shares of out-of-pocket health expenditure.

NIRAMOY
03
The market is rigged

Your test was not chosen
for your health.

Diagnostic centres pay doctors 20–50% commission to send patients their way. It is a documented, priced, industry-wide practice.

50%Pathology commission
40%ELISA commission
20%X-ray, ultrasound, histopathology
Tk 1,350Flat referral fee per MRI (CT Tk 1,200 · ETT Tk 400 · Echo Tk 225 · ECG Tk 90)
A crime.

Mustafa Jalal Mohiuddin, President of the Bangladesh Medical Association, on referral commissions. Even the profession concedes it.

New Age, 12 August 2022; The Business Standard. Commission rates as reported.

NIRAMOY
04
Price opacity

The same test.
Up to 32× the price.

Not a different test. Not a better machine. The same test, in the same city, on the same day.

Colonoscopy

Tk 2,500 (govt) → Tk 25,000+ (private)

A 10× spread on a single procedure. Private facilities charge up to ~20× government rates on average, 32× at the extreme.

A cottage industry of "test price in Bangladesh" SEO sites already exists. Patients are actively searching for this and being served junk. That is the wedge.

TestGovtTrustPrivateSpread
Lower abdomen ultrasoundTk 110Tk 1,200–3,50011–32×
Serum creatinineTk 60Tk 220Tk 5008.3×
Lipid profileTk 300Tk 850Tk 1,6505.5×
RBSTk 60Tk 170Tk 3205.3×
ECGTk 80Tk 230Tk 400
Brain MRITk 3,000Tk 11,5003.8×
Brain CTTk 2,000Tk 7,5003.75×
CBCTk 150Tk 300Tk 4002.7×

New Age, 12 August 2022 (Dhaka). Prices are stale — the ratios are the story.

NIRAMOY
05
Nobody is verified

Almost every private facility
in the country is operating on
an un-renewed licence.

🏥

~95% of private facilities

Only 914 of 19,627 hospitals & clinics (4.66%) and 1,790 of 35,597 diagnostic centres (~5%) have renewed their licence.

DGHS, via The Daily Star, 2025.

🩺

~36,000 doctors

Of 134,568 registered physicians, roughly 1 in 4 practise without a renewed BMDC registration.

BMDC, Nov 2024; Prothom Alo, 2024.

So verification is not a feature — it is the product. A valid DGHS licence becomes a hard gate for listing. Every doctor is checked against the BMDC register at onboarding, with the certificate and expiry date on file. Under the BMDC Telemedicine Guidelines §7.2, that is not optional for us. It is a legal duty. We turn a legal duty into the brand.

Supply is also extremely fragmented: 44% sole proprietor, 40% partnership. Mom-and-pop supply is aggregatable supply.

NIRAMOY
06
The emergency that has no system

Bangladesh has no prehospital
emergency service.
At all.

999, the national emergency number, owns no ambulances. It phones private operators. Average time to service: 35–40 minutes, against a 15-minute clinical survival benchmark.

Ambulances sit idle 89.3% of the time

IDLE — 89.3%
10.7%

Hossain et al., IJCCEM, 2022. Utilisation 10.7%; user satisfaction 1.8 out of 4. That slack is the asset we monetise.

Tk 35–40/kmThe government's own reference rate
2–3×What syndicates actually chargeProthom Alo, 2025
ONGOING

The syndicates are a physical competitor

They control hospital gates and physically block outside ambulances from reaching patients. This is not a pricing dispute. People have died.

  • A newborn died in Shariatpur after an ambulance was blocked for 40+ minutes — August 2025.
  • A 70-year-old died after being held roughly 1.5 hours — January 2026.
  • Seven syndicate members arrested at Rangpur Medical — June 2026.

jagonews24; The Business Standard; Prothom Alo, 2025–26.

There is no meter. No rent chart. No monitoring authority. No national ambulance policy — a draft was submitted in 2016 and never acted on. Financial Express, 2021.

NIRAMOY
07
The good news

The rails are already built.
We do not have to lay track.

Checkout is a solved problem in Bangladesh. The bottleneck is trust and supply-side onboarding — not payments, not phones, not connectivity.

72.4%of households own a smartphone (80.8% urban), up from 63.3% in 2023BBS ICT Household Survey, 2025/26
89 millionACTIVE mobile-money accounts (not the headline 239m registered)Bangladesh Bank MFS data, Jan 2025
Tk 1.71tnmonthly MFS transaction value, +32.56% year on yearBangladesh Bank, Jan 2025
187mmobile subscribers; 100% 4G coverageBTRC, April 2026
One constraint we design around from day one: the DGHS National Telehealth Guideline requires health data to sit inside Bangladesh — overseas cloud hosting is prohibited without an in-country data centre. No Singapore region. We architect for in-country hosting from the first commit. DGHS National Telehealth Guideline §5(6), §5(10). Personal Data Protection Act passed 10 April 2026.
NIRAMOY
08
The solution

Three pillars. Three different jobs.

Most Bangladeshi health apps ship a bundle and hope one part pays for the rest. We are explicit about which pillar earns trust, which earns habit, and which earns money.

🚑
Trust wedge

Ambulance — we build the meter, not the fleet

A published, distance-based fare anchored on the government's own Tk 35–40/km, in a market that has no meter at all. Live tracking. Vehicle and equipment disclosed before you book.

Not a revenue engine. Once-a-year emergency, poor retention. It buys the brand.

🔬
Volume engine

Diagnostics & checkup — the price is on the label

Side-by-side price comparison across DGHS-licensed centres only. 27.52% of out-of-pocket spend lives here. Repeat behaviour. This is the daily-use habit.

The doctor's "which test" decision stays structurally separate from the patient's "which lab" decision.

✈️
Profit engine

Medical tourism — the only ticket big enough

The only line whose ticket size can carry a commission and fund customer acquisition. Multi-destination: India, Thailand, Kunming, Malaysia.

And the only line where a commission is unambiguously legal for us to take.

Positioning: transparency and verification are the product. Everyone else is chasing the super-app bundle. Nobody is attacking the thing patients actually hate — kickbacks, price opacity, and unverifiable facilities.
NIRAMOY
09
The prize
$4–5bn

leaves the country every year
for treatment abroad.

More than the entire national health budget. Across an estimated 450,000–800,000 patient journeys a year.

Ahsan H Mansur, Governor of Bangladesh Bank (2025), with DCCI. Journey range reflects patients travelling on tourist visas.

3 WEEKS AGO

India reopened all visa categories on 28 June 2026

After a two-year freeze. Automated time-slot booking across all five IVACs from 1 July 2026. The corridor is reopening right now. This deck has a shelf life.

BSS; Business Today; bdnews24, 2026.

Multi-destination by design

  • India — ~50–60% of journeys. Cheapest, land border. 2024: 482,336 arrivals → 2025: 325,127 (a 33% fall, now recovering).
  • Thailand — ~65,000 BD patients/yr; 60% of all BD visa applications to Thailand are medical.
  • Kunming — new, state-backed, one-day "green channel" visas. Cost ~¼ of Thailand.
  • Malaysia — MHTC ran Malaysia Healthcare Week in Dhaka (8 Apr 2026) and said publicly it wants partnerships with local healthcare facilitators. A government-backed warm lead.

India Ministry of Tourism / ORF; Bangladesh Monitor 2026; Prothom Alo; MHTC, 2026.

NIRAMOY
10
The sharpest wedge in the whole dataset

Kunming's bottleneck is language
and it already has a price tag.

China opened a state-backed medical corridor to Kunming: first patients in March 2025, ~600 treated by August 2025, one-day "green channel" visas, halal food, roughly a quarter of Thailand's cost. The one thing standing between a Bangladeshi patient and that hospital is that they cannot speak to the doctor.

Tk 9,000Interpreter — first session (¥500)
¥200–300/hrInterpreter — thereafter
Kunming's cost vs Thailand

The product: a vetted Bengali interpreter, bundled into the booking.

Concrete. Monetisable. Priced by the market already. It is a service we can sell on day one without touching a single regulated fee — and it is the one thing an Indian hospital corridor does not need and therefore has not built.

যাচাই করা বাংলা দোভাষী — বুকিংয়ের সঙ্গেই।

Prothom Alo; Dhaka Tribune, 2025. Note: liver transplant workup costs $1,000–2,000 in India vs $10,000–15,000 in Thailand (Al Jazeera, Jan 2025) — a 5–10× gap that explains why patients cannot simply switch destination when a visa closes.

NIRAMOY
11
Business model — the uncomfortable slide

The profitable model is illegal.
The legal model is boring.
So nobody has built it.

What we legally cannot do

BMDC Code of Professional Conduct, binding on every registered doctor under the BM&DC Act 2010:

  • §4.3.2 — a doctor "shall not share his professional fees with any person other than the bona fide partners of his practice." A platform is not a partner. Taking a % of the consultation fee — the default telemedicine model — is very likely prohibited.
  • §4.3.1 — no doctor may accept any inducement from any organisation for referring patients. So we cannot pay for referrals either.
  • Telemedicine Guidelines §7.6 — BMDC may blacklist a platform, after which no doctor may use it.

Professional misconduct, not (yet) a crime. A Health Protection Act is being drafted and may criminalise it. Build so a statutory ban would not kill us.

So revenue comes from three legal places

  • Patient-side booking fee — separately itemised, disclosed on the screen, with the doctor's fee passed through intact.
  • Facility SaaS / listing subscription — flat, not volume-tied. This is how Practo actually makes money (~35% of revenue).
  • Medical-tourism commissionASSUMPTION: 10–15% No verified Bangladesh-specific facilitator rate exists publicly. We model it; we do not claim it.
And §4.2.2 is the clause that saves us. Where "administrators, agents, brokers, middlemen" are involved, the Code demands that "information pertaining to the financial arrangements should be made readily available to all parties." The one rule written for an intermediary like us mandates full disclosure. So we disclose everything, on every booking screen — what we earn and from whom. The constraint is the moat. Compliance is the brand.
NIRAMOY
12
Competition — this is not a green field

The all-in-one health super-app is the
default idea in Bangladesh, not a contrarian one.

PlayerListingTelemedLabAmbulanceTourismReality
Sasthya Seba Our closest competitor. Ships our exact feature list — on a €5,000 grant. Unfunded, call-centre-driven, weak brand.
Shukhee (Grameen) GP + Robi distribution. 2.8M installs, ~49K consults = 1.7% activation. Telco enrollments are not customers.
Arogga Most dangerous. $5.7M raised = 45% of all BD healthtech funding ever. Has the transaction, the repeat customer and the logistics.
Praava Health Best funded ($10.6M, 2021). Owns clinics = heavy capex. Hunting a $15M Series B for ~5 years, still not closed.
Rhythm × Manipal NEW · APR 2026 A BD–India tourism deal including pre-travel video consults with Indian specialists. That is our tourism module, shipped three months ago.
Doctorola ZOMBIE — founded 2015, $250K raised, 8 employees in 2026, zero press since 2016.
So the bundle is NOT the moat. Sasthya Seba already has it. The moat is three things Sasthya Seba does not have: (1) supply-side contracts with DGHS-verified facilities that have idle capacity, (2) a compliant revenue model competitors cannot copy without legal exposure, and (3) radical fee disclosure as the brand.

Chains with their own booking apps (Square, Labaid, Evercare, Ibn Sina) have little incentive to pay us for walk-ins they would get anyway. The facilities that sign are the ones with idle capacity — mid-tier diagnostics, not Evercare Dhaka.

NIRAMOY
13
Five ways to die in this market

We know how the last cohort
failed. Here is the list.

1

The telco-freebie trap

Bundle into a free telco tier, report millions of "members," discover none will pay. Tonic died of this. Shukhee is repeating it — 1.7% activation.

2

The listing-only trap

No transaction to monetise. Doctors won't pay for leads; patients won't pay booking fees alone. Doctorola: 11 years, 8 employees. Doctor listing is a feature, not a business.

3

The grant trap

Optimise for donor metrics, then die when the donor leaves.

4

The capital-intensity trap

Own the clinics, own the burn. Praava.

5

The macro trap

BD startup funding: $435M (2021) → $72M (2023) → ~$41M (2024), a six-year low. 2025's "$124M" is a mirage — $110M was one late-stage M&A.

Bangladeshi healthtech has raised US$12.6M. Ever.

Across 15 funded companies out of 252. Arogga alone is 45% of it. → We plan to reach profitability on revenue. We do not build a model that needs a Dhaka Series A.

And every profitable global analogue agrees

Practo (SaaS to doctors) · Tata 1mg (product margin) · Apollo 24/7 (feeds an owned hospital) · Ping An Good Doctor (sells to insurers) · Halodoc (pharmacy + corporates). Not one of them monetises the booking. Referral is the acquisition layer — never the revenue layer.

URAL EMS (2018, "first app-based ambulance") is dead — Play Store 404s, domain does not resolve. SafeWheel pivoted away from ambulances. AmbuFast has ~2 App Store ratings. The field is weak, but nobody has proven these unit economics. We should be honest that we haven't either.

NIRAMOY
14
Go to market

Supply first. Idle capacity first.
One neighbourhood first.

A marketplace with no supply is a search engine for disappointment. We do not launch to patients until the supply side is signed, verified and priced.

1
Supply

Sign the facilities nobody else wants to sign

Mid-tier diagnostic centres and second-tier hospitals with idle capacity — not Evercare Dhaka, which has its own app and no reason to pay us. Ambulances that sit idle 89.3% of the time.

2
Verify

DGHS licence as a hard gate

Facility uploads licence + renewal receipt. Number and expiry recorded, re-verified annually. Doctors checked against the BMDC register at onboarding, certificate on file. No licence, no listing.

3
Wedge

Launch the ambulance meter

One neighbourhood in Dhaka. A published fare, anchored on the government's Tk 35–40/km. Partner with hospitals for gate access — do not fight the syndicates for it.

4
Habit

Convert to diagnostics

The ambulance earns the brand once. Price-transparent diagnostics earns the weekly open. Then, and only then, medical tourism monetises it.

The advertising constraint shapes the UI, so we design for it now. Under BMDC Code §3 we may not show star ratings, "Top Doctor" badges, rankings, patient reviews, paid placement, or push notifications promoting a specific doctor. So we ship a neutral directory card, sorted only by objective criteria: availability, specialty, location, fee. Everyone else's growth playbook is illegal here. Ours isn't.
NIRAMOY
15
Phase 0 — before a single line of code

Here is what we don't know.

A slide that names its own unknowns is worth more than one that pretends there are none. Each of these is cheap to answer and expensive to get wrong. None of them can be answered by desk research — which is exactly why we have not answered them yet.

Will a hospital actually pay us?
Unvalidated by any public source. This is the #1 risk in the entire business. Chains with their own booking apps have every reason to say no.

→ 20 primary supply-side calls before we write code.
Is our revenue model actually legal?
A disclosed, facility-side technology fee on a patient-initiated booking is grey under BMDC §4.3.2. And the DGHS Telehealth Guideline appears to require third-party platforms to be licensed — we could not confirm the window is even open.

→ A written legal opinion. First. Not later.
What do BD facilitators really charge?
Global facilitators take 10–15%, up to 30%, baked invisibly into a bundled quote. No verified Bangladesh-specific rate exists publicly. Our model assumes it. Our model does not know it.

→ Price discovery with 5 outbound agents.
Two things we deliberately will not claim. We have found no investigative report documenting Bangladeshi outbound agents scamming patients — it is plausible, it is undocumented, and it stays a hypothesis in this deck rather than a headline. And we have found no licence category for an ambulance aggregator — unconfirmed, and on the lawyer's list. If a fact is not sourced, it is not on these slides.
NIRAMOY
16
Roadmap & the ask

Phased build. ৳9–12 lakh. 18–22 weeks.

Milestone-based payments. Full source-code ownership transfers to the client. You can stop after any phase and still have a working, revenue-capable product.

⚖️

Phase 0 — De-risk

Do not skip this. Written legal opinion + 20 supply-side validation calls. Cheap, fast, and it de-risks everything downstream.

🚑

Phase 1 — MVP

Patient app · verified facility & doctor directory · diagnostics search with price comparison · ambulance booking with the meter · admin console. The trust wedge + the volume engine.

📹

Phase 2 — Care

BMDC-compliant telemedicine & video (with the hard-coded drug matrix), patient records, checkup, analytics. In-country hosting throughout.

✈️

Phase 3 — Profit

Medical tourism: multi-destination (India, Thailand, Kunming, Malaysia), international search, and the Kunming interpreter bundle.

The commercial

  • ৳9,00,000 – ৳12,00,000, phased. Reference: the prior LaLaMoVe build was ৳6,50,000 / 14 weeks — this is a bigger, regulated build (video, dispatch, in-country hosting, compliance).
  • 18–22 weeks. MVP and full-platform split so you can start smaller.
  • Payments via a licensed gateway (SSLCommerz / aamarPay / ShurjoPay) with the hospital as merchant-of-record. We never hold third-party funds — that is PSO territory.

The next step is not code. It is three phone calls.

A lawyer, on §4.3.2 and the DGHS platform licence. Twenty diagnostic centres, on whether they will pay. Five outbound agents, on what they really charge.

Approve Phase 0 and we start this week.

NIRAMOY
17
Niramoy

The profitable model is illegal.
The legal model is boring.
We are building the boring one —
and making it the brand.

79.31% of the money is the patient's own. 27.52% of it goes to a test they didn't choose, at a price they can't see, in a facility nobody checked, reached by an ambulance with no meter.

Every one of those is a line of code and a signed supplier.

স্বচ্ছ দাম। যাচাই করা হাসপাতাল। সৎ ব্যবসা।


Mahfuz Akand · Uttara, Dhaka Niramoy · July 2026 Confidential

Every figure in this deck is sourced on the slide it appears on. Where no verified source exists — hospital willingness to pay, the Bangladeshi facilitator commission rate, agent malpractice — we have said so rather than filled the gap.

NIRAMOY
18
Mahfuz Akandমূল সাইটে ফিরুন