From US$2.5 million to US$150 million in annualised revenue: The PulseTech story
When PulseTech joined Accelerating Asia's Cohort 10 in 2024, the company reported US$2.5 million in annualised revenue and already had an established network of retail pharmacies in Bangladesh. It had real traction in an enormous market, but the business model was still evolving. The founders were working out what pharmacy owners needed first, how the different parts of the product should fit together and how to turn early demand into a company that could scale.
Accelerating Asia Ventures invested US$100,000 through Fund 2, and PulseTech entered the 100-day accelerator programme. During the programme, the company moved embedded financing from an idea into a customer pilot, established its Singapore holding company and prepared for Demo Day. It ended the programme by closing its pre-seed round oversubscribed.
By the end of 2024, founder Kazi Ashikur Rasul had publicly reported that PulseTech had grown five times in 12 months and was serving approximately 7,000 pharmacies.
As of June 2026, PulseTech reports:
US$150 million in annualised revenue
More than 14,000 pharmacies
An 11% gross margin
A 3% profit-after-tax margin
A customer acquisition cost to lifetime value ratio of US$1 to US$1,008
It has since raised a US$3 million pre-Series A round co-led by Iterative and Ascend Vietnam Ventures and is preparing for its next round.
Finding the business inside the original idea
One of the biggest decisions between then and now was changing what the company solved first. PulseTech originally set out to build software for retail pharmacies, which was a logical place to start in a country with more than 230,000 pharmacies, many of them still managing inventory and day-to-day operations manually.
But when Kazi and his team spent more time with pharmacy owners, they realised software was not the most urgent problem. Pharmacies first needed reliable access to the right medicines, from verified sources and at the right time. In Kazi's words, "We stopped pushing software and started solving distribution problems."
That decision changed the shape of the company. PulseTech built MedBox, a technology-enabled distribution and logistics network. Once pharmacies were ordering through the network, the software became more useful and the transaction data created a basis for financial partners to provide working capital. What began as a software product became a broader business built around how pharmacies actually operate.
This is the stage at which an accelerator can have a meaningful effect. The company already exists and customers are already responding, but the founders are still making decisions that can change the trajectory of the business. Over 100 days, our team gets close to the customer, the business model, the numbers and the fundraise, while the founders work out what needs to happen next.
Writing the cheque is only one part of the model. The accelerator gives us the opportunity to work alongside the company at a point when those decisions still matter, and Fund 2 keeps us invested as the business grows beyond the programme.
Where PulseTech is now
PulseTech's growth since Cohort 10 can be seen in both the business and the investors it has attracted. It entered the programme reporting US$2.5 million in annualised revenue. By the end of 2024, the company was serving approximately 7,000 pharmacies. As of June 2026, it reports US$150 million in annualised revenue, more than 14,000 pharmacies and profitability.
Its pre-seed round closed oversubscribed, followed by the US$3 million round from Iterative and Ascend Vietnam Ventures. It is now preparing for its next fundraise.
The latest milestone came in August 2026, when Startup Bangladesh sold its stake in PulseTech for what both organisations describe as a multi-fold return. Startup Bangladesh invested before Accelerating Asia, and this became its first portfolio exit. The transaction price and exact return multiple have not been disclosed.
PulseTech remains a Fund 2 portfolio company. Startup Bangladesh has realised its return, while our investors remain part of what the company builds next. For Fund 2, that is the important point. We invested while the company was still early, worked alongside the founders through the accelerator and remain invested as later institutional capital enters and the business moves into its next stage.
PulseTech is one of more than 100 companies in the Accelerating Asia portfolio across 16 markets. It is a strong example of what we are trying to find at the point of investment: founders with real traction in a large regional market, at a stage where the right work and the right capital can still change what the company becomes.
The main Cohort 14 application deadline has passed, but the form remains open. Applications received by 23 August are being reviewed first, and we will try to review later submissions where the selection timetable allows.
SUBMIT YOUR APPLICATION FOR COHORT 14
US$100,000. 100 days. Up to 10 startups. We back seed to pre-Series A founders solving real problems across South and Southeast Asia.
For investors, this is the part of the accelerator that matters before Demo Day. We can see whether a founder understands the difference between attention and conversion, how quickly they respond when the product is losing customers, and whether the changes show up in revenue and retention.
Fund II is in final close, with more information at acceleratingasia.com/investors.
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* Carta Q4 2025 VC Fund Performance. US benchmarks used as Asian fund comparables remain limited.
About Accelerating Asia Ventures
Accelerating Asia Ventures is an independent accelerator and venture capital fund investing in early-stage startups across Southeast and South Asia. Founded by operators, the organisation is committed to supporting founders with capital, credibility, and a long-term community.
For interviews, data requests, or portfolio introductions, contact: team@acceleratingasia.com
