fbpx
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • REGISTER
  • login
No Result
View All Result
No Result
View All Result
Home E-commerce

Bangladesh’s B2B ecommerce platform ShopUp secures $75 million funding in series B

AsiaTechDaily Writer by AsiaTechDaily Writer
09 September 2021
in E-commerce, Featured
0
ShopUp
36
SHARES
Share on FacebookShare on Twitter
Bookmark(0)

Please login to bookmark

No account yet? Register

ShopUp, a Bangladesh-based business-to-business ecommerce startup in a Series B funding round has raised $75 million with Peter Thiel’s Valar Ventures as the lead investor. This oversubscribed funding round is also the largest in the South Asian Market for an ecommerce startup.

The funding round also saw participation from Prosus Ventures along with existing investors Sequoia Capital India, VEON Ventures, and Flourish Ventures.

The fresh funding which brings ShopUp’s all-time raise to more than $100 million is also Prosus’ and Valar’s first deals in Bangladesh.

ShopUp plans to ramp up its operations by bringing small neighborhood grocery and retail shops online. Like India, in Bangladesh, more than 95% of retail business goes through neighborhood stores. Bangladesh has about 4.5 million mom-and-pop stores and the majority of them have no digital presence.

The recent funding for the startup has come just after ten months when it announced that in a Series A funding round it received a $22.5 million investment. With this new funding round, ShopUp’s total funding comes to more than $110 million.

ShopUp during this funding round has increased its ESOP pool three times.

The startup plans to bring millions of small retailers in the country to the forefront of Bangladesh’s economic growth. According to the CEO and co-founder Afeef Zaman, ShopUp is building best-in-class infrastructure to support retail operations across the country while adding new categories to serve the inadequately provided small retailers. The startup is also launching new financial products to meet the unstated needs  of the retailers the company serves.

ShopUp has launched three products to remove roadblocks within the supply chain, financing, and logistics- REDX, and end-to-end logistics platform; Baki, a BNPL (buy now pay later) product for small retailers, and Mokam- one-stop B2B commerce app.

Over the last one year, ShopUp has seen 11X growth in the number of total shipments and over 13X growth in revenue. The startup has partnered with Bangladesh’s largest producers, manufacturers, and distributors to procure and supply inventories to small businesses. ShopUp’s logistics offerings are the largest in the country.

More about ShopUp

ShopUp is headquartered in Dhaka and has opened an office in Bengaluru, India last year. The startup was founded in 2017 by Afeef Zaman, Navaneetha Krishnan J., Ataur Rahim Chowdhary, Sujjayat Ali, and Siffat Sarwar.

The startup offers easy access to B2B sourcing, digital credit, last-mile logistics, and business management solutions to small retailers.

What are your thoughts?
+1
0
Upvote
+1
0
Clap
+1
0
Clap
+1
0
On fire
+1
0
Meh
+1
0
Clap
+1
0
Tags: BangladeshecommerceRetail
Previous Post

PayPal to acquire Japan’s BNPL service provider Paidy for $2.7bn

Next Post

Amazon Pay to offer wealth management services in India

Related Posts

Qoala
Featured

Indonesian insurtech startup Qoala raises $65m in Series B round

May 13, 2022
Chainalysis
Blockchain

Blockchain data platform Chainalysis bags $170m in GIC-led funding

May 13, 2022
Good Startup
Featured

Singapore VC Good Startup closes alt protein fund at $34m

May 12, 2022
oHouse
Featured

South Korean home interior platform oHouse raises $182m

May 10, 2022
Peppermint
Featured

Australian fintech Peppermint gets e-wallet license in the Philippines

May 5, 2022
LottieFiles
Animation

LottieFiles scores $37m in Square Peg-led Series B round

May 5, 2022
Next Post
Amazon Pay

Amazon Pay to offer wealth management services in India

Discussion about this post

No Result
View All Result

FREE NEWSLETTER

Copyright © 2021 AsiaTechDaily.com| About Us | Seed acceleratorTerms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

No Result
View All Result
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Ecosystem
    • Marketplaces & E-commerce
    • Robotics
    • Investments
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • Forums
  • Jobs
  • REGISTER
  • Login

Copyright © 2021 AsiaTechDaily.com| About Us | Seed acceleratorTerms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo