Arogga is the first Bangladeshi firm to receive Hyper’s support in Silicon Valley. Arogga also received funding from a local Bangladeshi venture capital firm, IDLC, in addition to the international investors in this round.
Hyper, Ratio Ventures, Sketchnote Partners, SRB Ventures, IDLC, Demand Curve‘s CEO Julian Shapiro, and other Silicon Valley super angels participated in a round of seed investment for this Bangladeshi health IT startup firm.
Arogga Raises $1.3 Million Backed by Hyper from Silicon Valley
According to a news statement, this round increases Arogga’s total funding garnered to $1.6 million. Arogga also received funding from a local Bangladeshi venture capital firm, IDLC, in addition to the international investors in this round.
Samad Miraly, Partner at IDLC VC Fund I, said:
“We’re excited to support the growth of Arogga and health tech in Bangladesh. As a local institutional VC, we aim to unlock value for Arogga beyond capital in this financing round to help it grow into the important company we know it can become. We hope this is just the beginning with this exciting company and team.”
In 2020, Fahad Hossain, Rosina Mazumder, Shamim Hasan, and Yawar Mehboob co-founded Arogga, a prominent pharmaceutical delivery app that is changing Bangladeshi healthcare business. Customers may simply submit their prescriptions to the Arogga app or online solution, and the medications will be delivered right to their door.
Arogga co-founder Rosina Mazumder,
“It’s extra special for me and my team to be the first Bangladeshi start-up to be backed by the fund. Being part of the kick-off was quite intense, with a lot of networking and learning. The most valuable part was meeting and learning from the other start-up founders and partners at Andreessen and Sequoia,”
All medications are offered at the lowest feasible cost, making them accessible to all. In the health tech field, the South Asian region has produced multiple unicorns, and Arogga aims to follow in their footsteps. The co-founding team is thrilled to establish the next phase for Arogga, which has been dubbed the “PharmEasy of Bangladesh” by investors.
Arogga provides legitimate supplies supplied straight from the producers, with over 20% of medicine in Bangladesh being counterfeit. Arogga has expanded its GMV by 24 times in just a year, with a 30 percent month-on-month growth rate.
Hyper is a new type of venture business and founder program based in Silicon Valley, inspired by the Product Hunt community and funded by industry leaders such as Andreessen Horowitz and Sequoia Capital.
Shahed Khan (CEO), former president and co-founder of Loom; Josh Buckley (GP), formerly CEO of Product Hunt, CEO and creator of Mino Games; and Malika Cantor (Partnerships), formerly Community and Programs at Sequoia and Google, lead the Hyper team.
Hyper maintained the number of firms every season modest in order to give hands-on aid by being highly discerning in the start-ups they sponsor. Each startup participates in a four-week founder program and has access to Hyper’s exclusive partners, who include Andreessen Horowitz, AngelList, Sequoia Capital, The Twenty Minute VC Podcast, and Product Hunt.
Shahed Khan, the co-founder of Hyper, said:
“Arogga has a unique opportunity to significantly improve the pharmaceutical experience for patients in Bangladesh, leading to better treatment adherence and patient outcomes. While we’ve made investments in the South Asian region, we’re excited that Arogga is our first bet in the emerging Bangladeshi market because of our high conviction in the co-founders with their ambitious vision.”
The Hyper program’s kick-off in San Francisco was attended by co-founders Rosina Mazumder and Yawar Mehboob.
Yawar Mehboob, Co-founder, and CFO at Arogga, stated,
“We are passionate about solving some of the fundamental problems that exist within the healthcare market in Bangladesh. We’re taking a bottom-up approach, starting at the base by providing access to genuine medicine reliably across the nation. With the injection of funds, we want to spend on infrastructure expansion and investment in technology to further scale nationwide.”
Bangladesh’s pharmaceutical market is expected to be worth at least $3.5 billion by 2025, with a forecast of $6 billion.
Despite its size and expansion, the industry remains fragmented, with inefficient and costly distribution and supply chain challenges, which are made even more problematic by the fact that over 20% of medications in pharmacies are counterfeit.
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