ShopUp Azevedotechcrunch, a Bangladeshi startup that aims to digitise the country’s retail industry, has raised a $75 million Series B round led by Peter Thiel’s Valar Ventures. The company has already tripled its growth rate, and plans to deploy fresh funds to expand its team.
ShopUp raises $75 million in Series B funding round led by Peter Thiel’s Valar Ventures
ShopUp, a Bangladesh-based full-stack B2B commerce startup, has raised a $75 million round of funding led by Peter Thiel’s Valar Ventures and other strategic investors. The latest round of funding boosted the company’s total investment to more than US$110 million. It is also the largest fundraising for a B2B commerce platform in South Asia.
ShopUp, which was founded in 2017 by Afeef Zaman, aims to digitize Bangladesh’s retail space and bring neighborhood stores online. With 4.5 million neighborhood shops in the country, 98% of retail consumption occurs through small shops. However, the majority of these retailers face a number of challenges, including limited access to inventory, unreliable delivery, and inefficiencies in supply and financing.
With its latest financing, ShopUp plans to double its team in Bengaluru, India and expand its operations in Bangladesh. In addition, the company will invest in its logistics arm, which it plans to expand across the country.
ShopUp has a full-stack B2B commerce platform that helps solve inefficiencies in supply and finance. Its products, such as Mokam, enable small retailers to receive orders via an app. They also offer buy now, pay later facilities.
ShopUp aims to digitise the Bangladeshi retail market
ShopUp is a Bangladesh-based B2B e-commerce platform that aims to digitize the country’s fragmented retail market. The startup’s full-stack B2B commerce platform combines financial, logistics, and product sourcing services. It serves millions of neighborhood stores in the country.
ShopUp’s products include the buy now, pay later service, REDX, an end-to-to-to-to-to-to-to-commerce platform, and Mokam, a B2B commerce app. They’re designed to help small retailers grow.
ShopUp’s financial service is one of the most important aspects of its platform. Rather than just providing a loan, it automates the credit assessment process for small business owners. This eliminates a significant cost that comes with traditional lending.
ShopUp recently closed a $34 million Series B extension round led by Tiger Global Management and other investors. It’s the latest in a string of investments in Bangladeshi startups. These startups are growing faster than investors expected.
In addition to its financing rounds, ShopUp has launched three new products. Its last-mile logistics service, REDX, has become the largest provider of last-mile delivery in the country. Using this funding, the company hopes to expand its reach and deepen its partnerships with manufacturers.
ShopUp has reached 4x growth
The small business startup ShopUp has grown exponentially in the past year and a half. To wit, it has launched three products to help small f-commerce businesses streamline their operations and better serve their customers. It also has a number of innovative marketing and branding initiatives.
A full stack B2B commerce platform, ShopUp helps merchants and manufacturers manage their supply chain and ecommerce needs, while leveraging social media, logistics and other technology to power their growth. With its distribution network, merchants can easily find suppliers and get their products to market. Additionally, they can connect with microcredit institutions to provide loans to small businesses.
One of ShopUp’s newer offerings is an inventory management service, which uses REDX to make managing the cycle of your inventory a breeze. In fact, REDX is one of the largest logistics networks in Bangladesh.
Another service that has made its mark is a bookkeeping startup. Tallykhata is a spin off from SureCash.
ShopUp plans to deploy fresh funds to expand its team
ShopUp is a Bangladeshi business-to-business (B2B) digital commerce startup that has created a marketplace, a capital ecosystem and a logistics ecosystem to support micro and small enterprises. The company has recently raised $22.5 million from a variety of foreign and local investors. It also plans to deploy fresh funds to expand its team and strengthen partnerships.
The company offers two products to connect small retailers with customers: a wholesale and B2B marketplace, as well as last-mile logistics. According to the company, 95 percent of the retail market in Bangladesh is made up of mom-and-pop stores. Currently, there are 4.5 million retailers in the country. However, the retail environment in Bangladesh is highly fragmented and unorganized. As a result, most of the retailers do not have a digital presence. Through ShopUp, neighborhood mom-and-pop sellers can focus on serving customers instead of struggling with logistics and supply issues.
ShopUp plans to use the funds to improve the company’s tech infrastructure and to enhance its relationships with suppliers, merchants, banks, delivery firms and aggregators. By doing so, it aims to help small businesses achieve greater profits.