ShopUp, the largest B2B platform in Bangladesh, has managed to secure $75 million investment in series B funding. This round of investment was lead by Peter Thiel’s Valar Ventures. They also received investment from Prosus Ventures along with existing investors Flourish Ventures, Sequoia Capital India, and Veon Ventures in this round.
ShopUp currently operates in all 64 districts of Bangladesh. They are basically providing the infrastructure support for the retail businesses of Bangladesh starting from the grassroot level. Many rural retail businesses often suffer from procurement issues, unreliable delivery, and finding the best rate of the products. ShopUp connects those small retailers with suppliers and distributors across the country and ensures efficiency in their day-to-day business operations. They are currently offering 3 other services: ‘Mokam’, ‘Redx’ and ‘Baki’. Mokam is a wholesale marketplace platform while Redx is a courier or logistics service and ‘Baki’ is a ‘buy now, pay later’ service for small retailers.
ShopUp has previously received $22.5 million in series A funding from Flourish Ventures & Sequoia Capital India in October 2020. Besides that, ShopUp raised fundings from the Bill & Melinda Gates Foundation, Surge, Omidyar Network, and a couple of angel investors. After the latest funding, ShopUp’s total funding has exceeded $110 million and made it the most funded startup in Bangladesh.