Shop-Up started with a vision to digitalize the mom-and-pop shops around Bangladesh in 2016, and to envision this, the company started with $1.62 million seed funding back in 2018. Then in October 2020, the start-up bagged the highest series A fund at an amount of $22.5 million, led by Flourish Ventures and Sequoia Capital India. In more recent news, the series B funding for the company saw a $34 million extension led by Tiger Global Management, which adds to the existing $75 million series B funding led by Peter Thiel’s Valar Ventures and Prosus Ventures, totaling the series B funds to $109 million.
The organization has developed a full-stack B2B commerce platform and envisions accommodating 4.5 million small retailers in the driver seat of growth through A to Z support in retail operations.
The organization’s focus is to aggregate the fragmented retail shops in Bangladesh, which account for 98% of retail consumption through 45 lakh retailers, and enable financing access for 27.5% and more small businesses with no access to formal channels. They plan on doing so through their concerns, such as Mokam, a one-stop wholesale market app, REDX, an end-to-end logistics solution, and Baki, a buy now and pay later solution.
Source: The Daily Star