One of the hottest startup projects of this year has been the Shopping app, a Bangladeshi online shopping site, which has raised an impressive sum of 75 million taka from Valar Ventures and SingtechCrunch. The company is planning to use the fresh funds to expand its team and also increase its services in the country.
ShopUp has increased its services and deepened its footprints in Bangladesh
ShopUp, a B2B e-commerce company, has deepened its footprint and service offerings in Bangladesh. Currently, 4.5 million mom-and-pop retail stores exist in the country, but most lack a digital presence and are unable to negotiate better prices for goods. To solve these issues, ShopUp has partnered with the biggest producers and manufacturers in the country, allowing them to use their e-commerce platform to sell their products.
A year after its initial launch, ShopUp has expanded its service offerings to include three new products. Among them, the company’s B2B commerce app called Mokam.
Initially started as a courier service, Pathao has since added bike and car rentals. It has also launched ride-sharing services in Nepal and Bangladesh.
Another product is a digital education institution called EduHive. Users can prepare for exams with teachers of their choice. The company has also partnered with a local healthcare provider.
Another venture is a public transportation service called Jatri. This start-up has raised $1 million in total before and recently announced that it would raise an additional $2 million.
The company plans to deploy fresh funds to expand its team
Class plus is probably the only name in this dogfight but it isn’t a bad mate. Aside from the aforementioned chums, the company’s notable alumni include the likes of the company’s CTO and cofounder, the aforementioned execs and a slew of C-level execs. The company has been operating out of an oh-so-stiff-looking office space in the heart of Silicon Valley for the past couple of years. As a result, the company has not had the luxury of a well deserved snoozefest for too long, which of course leads to the aforementioned snoozefest. Nevertheless, the company’s current incarnation will be hard at work ensuring that the company’s current incarnation is a well oiled machine from here to eternity.
It aims to reach 4.5 million neighborhood stores
One of the world’s largest unicorns, ShopUp has garnered some high-stakes cash to build out a massively scaled team and a sizable e-commerce platform in the country’s capital. The startup, which started out as a one man operation by the name of Afeef Zaman in 2017, has also secured a big league cheque from Valar Ventures, Prosus Ventures, Sequoia Capital India, and VEON Ventures. With a total funding of over $100 million, ShopUp is poised to be a juggernaut. For a start, it has a major presence in Dhaka, Kolkata, and Bangalore. Its top-tier leadership team has done a fine job of executing on its promises.
While the company is only a few years old, it has already surpassed its rivals in terms of revenue. ShopUp’s chief executive officer Afeef Zaman has a track record of making deals and signing up major brands for his brand of online retail wares. In a recent press release, ShopUp has announced plans to merge with India’s leading e-commerce outfit Voonik in the next two years, as well as expand its international reach.
Challenges for neighborhood stores in Bangladesh
In Bangladesh, the retail landscape is highly fragmented. Most retailers have no digital presence, and 95% of all retail in the country is conducted through neighborhood stores. These shops are also poorly connected to the wholesalers who supply them. They do not receive their products on time, and they often run out of stock. This lack of connectivity makes it difficult for small retailers to negotiate better prices and faster delivery times.
One digital commerce platform is taking on the challenge. ShopUp provides full-stack services to micro and small entrepreneurs in Bangladesh. The platform offers warehousing, wholesale marketplace, and last-mile logistics. Its growth has been rapid, and in the past year, its business has grown over thirteen times. Recently, it raised $22.5 million from foreign investors. ShopUp plans to use the new capital to strengthen its partnerships. Earlier this year, it merged with the Indian ecommerce platform Voonik, and is opening an office in Bengaluru to hire more tech talent.
