Look Into The Robust Funding History of ShopUp

ShopUp Secures Another $6.5 Million from SIMPL

Dhaka, Bangladesh ।। সংবাদটি বাংলায় পড়তে এখানে ক্লিক করুন-

Bangladeshi startup ShopUp has successfully secured $6.5 million in debt funding from Saison Investment Management Private Ltd., the venture arm of Japan’s Credit Saison. This strategic investment aims to enhance ShopUp’s local supply chain through advanced technology, reflecting strong confidence in the company’s potential to drive economic growth and financial inclusion.

Empowering Retailers Through Technology

By integrating financial solutions into its platform, ShopUp simplifies transactions, enabling businesses to expand without the complexities of traditional financing. This new capital will empower retailers within ShopUp’s network to broaden their product offerings and scale operations, significantly impacting those who spend over half their income on essential goods.

A History of Robust Funding

ShopUp has a notable history of securing substantial investments. The company has raised a total of $231.7 million over 10 funding rounds1. Notable rounds include a $75 million Series B led by Valar Ventures in September 2021, and a $30 million debt financing round in February 2023. These investments have been pivotal in ShopUp’s growth and expansion within Bangladesh.

Founder’s Vision

Afeef Zaman, the co-founder and CEO of ShopUp, has been instrumental in driving the company’s vision. With a background in technology and a passion for empowering small and medium-sized enterprises (SMEs), Zaman has led ShopUp to become a leading B2B commerce platform in Bangladesh3.

The ShopUp Story

ShopUp was founded in 2016 by Afeef Zaman, Siffat Sarwar, Ataur Rahim Chowdhury, Navaneetha Krishnan, and Sujayath Ali. The idea for ShopUp was born out of Zaman’s observation of the challenges faced by small businesses in his native Patuakhali. He noticed that many small businesses struggled due to long supply chains and a lack of direct access to customers. This inspired him to create a solution that would empower small businesses by providing them with the tools and resources they needed to thrive5.

Business Operations

ShopUp operates a full-stack B2B commerce platform that serves small neighborhood shops. The company offers three main products:

Mokam: A B2B wholesale marketplace that connects small shops with a wide range of products, ensuring seamless access to inventory at competitive prices6.
REDX: The largest last-mile logistics network in Bangladesh, ensuring smooth movement of goods across the country6.
Baki: A small business working capital financing service that provides credit to small businesses, enabling them to scale their operations.

Through these services, ShopUp facilitates easy access to food and essentials for millions of people in Bangladesh, connecting mills and manufacturers to a network of small neighborhood shops.

ShopUp is dedicated to bringing transparency to the food and consumer goods supply chain. By leveraging technology, the company aims to create a more efficient and transparent market, benefiting both retailers and consumers.