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Bangladeshi Tech Startup ShopUp Raises $63m in Series B4 Funding
E-Commerce

Bangladeshi Tech Startup ShopUp Raises $63m in Series B4 Funding 

  • The firm received a $34 million Series B extension investment in January 2022, following a $75 million Series B financing in September 2021

  • ShopUp’s $22.5 million Series A investment was co-led by Sequoia Capital India and Flourish Ventures.

  •  Mokam, ShopUp’s B2B commerce app, also assists mom-and-pop stores

  • Store owners may also get things on credit by using ShopUp’s “buy now, pay later” 

 

Bangladesh-based B2B commerce firm ShopUp has secured $65 million in Series B4 investment from Valar Ventures and Flourish Ventures. According to Singapore’s Accounting and Corporate Regulatory Authority (ACRA), the shares are being offered at around $56 per share, the same price as the company’s Series B3 round.

 

Bangladeshi Tech Startup ShopUp Raises $63m in Series B4 Funding

 

According to Nikkei Asia, ACRA disclosures only show equity money collected thus far in a round, and the entire round might be larger or include additional components such as debt. The firm received a $34 million Series B extension investment in January 2022, following a $75 million Series B financing in September 2021.

 

According to a ShopUp press statement, the firm has expanded four times since then, and the existing investors are doubling down with this follow-up investment. ShopUp‘s $22.5 million Series A investment was co-led by Sequoia Capital India and Flourish Ventures.

 

Afeef Zubaer Zaman, Siffat Sarwar, and Ataur Rahim Chowdhury founded ShopUp in Bangladesh’s capital Dhaka in 2016 to provide B2B services such as sourcing, logistics, and financial services to micro, small, and medium enterprises via its mobile-first digital platform and last-mile logistics service RedX.

 

Through cooperation with local financial institutions, its financial services offering provides small businesses with access to digital finance. Mokam, ShopUp‘s B2B commerce app, also assists mom-and-pop stores by providing them with access to the nation’s largest collection of items as well as 24-hour doorstep delivery – all through a single app.

Mokam has worked with the country’s major manufacturers, producers, and distributors to assure the best cost for these items, according to the company.

Store owners may also get things on credit by using ShopUp‘s “buy now, pay later” tool in the app. After merging with Bengaluru-based e-commerce platform Voonik in February 2020, the firm created an office in India.

Bangladesh has one of the most fragmented retail economies in Asia, with 4.5 million tiny stores accounting for 98 percent of total retail spending, according to ShopUp. Every day, the stores battle to obtain supplies from a variety of suppliers, distributors, and wholesalers.

In an October interview with DealStreetAsia, Zaman stated that his firm is operationally successful (making money on every transaction) since it provides many services to each consumer. The business also stated in a September press release that revenue increased 13 times in the previous year, while total shipments increased 11 times.

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