This study was conducted from October to December 2020. The main objective of this study was to understand the water and sanitation coverage and practices in the selected two Upazilas, and to explore the opportunities of private sector investment in this sector. Kurigram Sadar Upazila of Kurigram District and Dacope Upazila of Khulna District were the study area. DM WATCH team applied a mixed-method design for the study. Both primary and secondary sources were reviewed. For the quantitative part of the data collection, the sample size was determined as 937 for Dacope and 857 for Kurigram Sadar Upazila. For the qualitative data Key Informant interviews with LGIs, NGO and other relevant stakeholders, and Focus group discussion with community people were conducted. Existing business models were analysed using the PESTEL framework altogether with SWOT analysis technique. For Dacope Upazila it was found that 51.3 % of the households have basic drinking water facility, more than 70 % harvested rainwater, 33.83 % used safely managed sanitation facility, 95% households had their own toilet facility, and 75.9% households wanted to improve their water supply. In Kurigram Sadar Upazila 87.6 % households had basic drinking water facility, 89.6 % households had tube wells, 37.10 % households had safely managed sanitation facility, and 68.26 % of households had pit latrine with a slab facility. Finally, considering this scenario, the study found favourable business environment for private sectors to investment in WASH sector for both the Upazilas and proposed an innovative and dynamic model for business.