ShopUp, a Dhaka, Bangladesh-based B2B e-commerce platform, has secured a fundraise of US$ 75 million in a new venture funding round led by entrepreneur Peter Thiel’s Valar Ventures, with participation from Prosus Ventures – the venture arm of Prosus, which was earlier known as Naspers, Sequoia Capital, VEON Ventures and Flourish Ventures on Monday, September 6, 2021.
In 2020, ShopUp merged with India’s fashion-focused retailer Voonik and now plans to digitise the fragmented retail market and solve issues across supplies, lending and logistics.
What the CEO has to say
Co-founder of ShopUp, Sujayath Ali, remarked on the fundraise, “The new capital will be used to expand heavily across the country in more cities. Currently, more than 50% of Bangladesh’s e-commerce deliveries are through Redx. As we expand, we will also double our headcount in Bengaluru, which houses the product and tech teams of ShopUp.”
What the Investors have to say
Founding partner at Valar Ventures, James Fitzgerald, commented, “The leadership team at ShopUp has shown strong execution capabilities over the last twelve months. They became clear market leaders with double-digit growth across three products built for the underserved small businesses in Bangladesh. In fast-growing frontier economies like Bangladesh, small businesses are the primary driver of the economy. We are excited to partner with Afeef’s vision of building a connected ecosystem of products to fast-track their transition to the online economy.”
Head of Investments for India at Prosus Ventures, Ashutosh Sharma, in a statement, “This investment marks our entry into Bangladesh – among the fastest-growing economies in the past decade. ShopUp has demonstrated a strong execution focus in solving a cross-section of needs for small businesses in a fragmented market. We are thrilled to support their efforts to empower millions of retailers and enable them to participate in the country’s economic growth.”
About ShopUp
Established in 2017 by Afeef Zaman, Ataur Rahim Chowdhury, Navaneetha Krishnan J., Siffat Sarwar and Sujayath Ali, ShopUp provides easy access to B2B sourcing, last-mile logistics, digital credit, and business management solutions to small businesses. It offers three products:
- Mokam is the B2B commerce platform – serves 500,000 neighbourhood shops, providing access to 10,000+ products – all available at the tap of a button.
- REDX is the logistics service that supercharges SMEs and large enterprises with Bangladesh’s most comprehensive last-mile logistics network.
- Baki is the digital embedded financing product that provides supplies on credit, empowering thousands of small traders with an easy alternative to the complexities of traditional financing.
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