ShopUp (1), a B2B commerce platform based in Bangladesh, has secured 22.5 million USD. Sequoia Capital India and Flourish Ventures led the latest Series A funding round. Prominently, it is one of the most massive Series A fundraise in Bangladesh.
The round also observed the participation of VEON Ventures, Speed Invest, and Lonsdale Capital, based in Singapore. Notably, it is the first investment of Sequoia Capital India in Bangladesh. Earlier in 2020, the startup had also opened its office in Bengaluru to expand further and hire new talent.
According to the press statement of Sequoia Capital India, the ecommerce startup Voonik has recently merged with ShopUp. Consequently, both Voonik founders have joined ShopUp as co-founders.
While commenting on the latest development, Afeef Zaman, the Co-founder and CEO of ShopUp, stated that the team believes that this decade would raise and mature small businesses in Bangladesh. Moreover, the power of the internet and technology adaptation by small business owners would accelerate the transformation with ShopUp as a driver.
ShopUp to Increase its Reach, Partnership, and Enhance its Infrastructure
Zaman added that the COVID-29 has further increased the need for digital transformation for small businesses. With the fresh tranche, the company is looking to expand its retail reach, deepen its partnerships with manufacturers while building tech-first infrastructure.
ShopUp offers easy access for B2B sourcing, digital credit, last-mile logistics, and business management solutions to small businesses in Bangladesh. It helps neighborhood sellers to gain more profit in fewer efforts. Hence, it enables them to focus more on customer engagement and business expansion.
Notably, several small retailers and businesses in Bangladesh have moved to online channels like Facebook to reach new customers. As a result, there are massive long-tail requirements for last-mile logistics.
The last mile logistics service, RedX of ShopUp, is also partnering with these neighborhood shops. As per reports, the largest last-mile delivery service provider in Bangladesh processes 13x more parcel than April.