Bangladeshi business-to-business (B2B) commerce firm ShopUp has secured USD 62.89 million in Series B4 funding from Valar Ventures and Flourish Ventures on 27th June 2022.
According to statistics from Singapore’s Accounting and Corporate Regulatory Authority (ACRA), the shares are being offered at a price of roughly US $56 per share, the same as the company’s Series B3 round.
The equity money received up to this point in a round is only shown in ACRA filings; the overall round may be larger or contain additional elements, such as debt.
Following its Series B financing in September 2021, the business secured a USD 34 million Series B extension round in January 2022, according to Nikkei Asia.
What the founder has to say:
Afeef Zubaer Zaman- Founder of ShopUp:
In an interview with DealStreetAsia in October, Zaman said that his business was operationally successful — making money on every transaction — because it provided each client with various services.
In a September news release, the business also stated that overall shipments increased by 11 times while revenue increased by 13 times in the preceding 12 months.
About the company:
ShopUp was established in 2016 in the Bangladeshi capital Dhaka by Afeef Zubaer Zaman, Siffat Sarwar, and Ataur Rahim Chowdhury. ShopUp provides B2B services like sourcing, logistics, and financial services to micro, small, and medium-sized businesses through its mobile-first digital platform and last-mile logistics service RedX.
Its financial services solution gives small businesses access to digital finance through partnerships with local financial institutions.
More about the market:
Mom-and-pop stores can access the largest product collection in the country and 24-hour doorstep delivery through Mokam, a B2B commerce app from ShopUp.
Mokam has teamed up with the biggest producers, distributors, and manufacturers in the nation for what it claims to be the best pricing on these goods.
The “buy now, pay later” feature of the ShopUp app allows store owners to purchase goods on credit.
After merging with Bengaluru-based e-commerce platform Voonik in February 2020, the firm established a presence in India.
According to a previous report from ShopUp, Bangladesh has one of the most dispersed retail markets in Asia, with 4.5 million tiny stores accounting for 98 percent of all retail sales.
According to a previous report from ShopUp, Bangladesh has one of the most dispersed retail markets in Asia, with 4.5 million tiny stores accounting for 98 percent of all retail sales.
The stores face daily challenges when purchasing items from several suppliers, distributors, and wholesalers.
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 commerce firm ShopUp has secured USD 62.89 million in Series B4 funding from Valar Ventures and Flourish Ventures on 27th June 2022.){kind=link}