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ShopUp Raises $22.5M Funding To Digitize Millions Of Mom-And-Pop Shops
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ShopUp Raises $22.5M Funding To Digitize Millions Of Mom-And-Pop Shops 

hopUp is a popular B2B commerce platform of Bangladesh which aims at digitizing most of the neighborhood stores of Bangladesh. On Tuesday, ShopUp Raises $22.5M Funding one of the massive Fundraising Rounds in Bangladesh, led by Flourish Ventures and Sequoia Capital India. 

ShopUp Raises $22.5M Funding To Digitize Millions Of Mom-And-Pop Shops

ShopUp is lucky to be the first startup in Bangladesh that received investment from Sequoia Capital India. While gaining this fund, ShopUp witnessed participants like Lonsdale Capital, Speed Invest, and VEON Ventures.

The Vice President of Sequoia Capital, Clicko Wang, said in a statement that “Sequoia has been a strong supporter of the company ShopUp since early 2019, as it was part of the first Surge Cohort in early 2019, and the company has seen an exciting change till now.”

According to Afeef Zaman, who is the Co-Founder and CEO of ShopUp, ShopUp Team believes that this decade will raise and mature the small businesses in Bangladesh. ShopUp, by using and adapting technology properly would accelerate the small businesses. 

Though Afeef Zaman didn’t reveal the number of shops that are using ShopUp at present, he assured and claimed that, with having approximately $28 million fund, ShopUp is the leading Business to Business (B2B) platform in Bangladesh

ShopUp has explored and offered digital offerings to most of the mom-and-pop shops in Bangladesh even in this pandemic situation. In the COVID-19 period, ShopUp has grown by 8.5 times, as said by Afeef Zaman. 

There are more than 4.5 million mom-and-pop stores in Bangladesh, but unfortunately, very few of them are blessed with digital advantages. ShopUp tried to decrease the sufferings of the owners of these shops by providing a helping hand.

Already ShopUp is offering three services – Working Capital, a wholesale marketplace to secure inventory, and Logistics. Through this funding of $22.5M, ShopUp would definitely grow more and people would see the services provided by ShopUp increase very soon.

More specifically, ShopUp, with this funding of $22.5 million, will be expanding its retail reach, along with deepening its partnership with manufacturers. While doing all these, the most popular B2B platform in Bangladesh will also focus on building tech-first infrastructure. 

In early 2020, ShopUp started running a workplace in Bengaluru for providing services in India. Vootnik, an e-commerce platform in India has joined ShopUp to offer tech expertise. Vootnik’s co-founders then joined ShopUp. ShopUp has future plans to hire extra engineering experts in India. 

The startup ShopUp feels that they have high opportunities to serve the neighborhood stores of Bangladesh and that’s why they’re working hard with an accurate plan for expanding its services. 

No wonder the neighborhood shops and online sellers of Bangladesh will now be benefitted more from ShopUp.

More Startup News: Deligram Acquires Shopway: Shifts Focus to B2B

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