Likewise, in the neighboring country India, More than 95% of all retail in Bangladesh experiences through its neighborhood stores. In fact, there are almost 4.5 million such as mother and pop stores available in the nation. Be that as it may, by far most of them have no online presence. In this regard, ShopUp, A startup that is planning to digitize a huge number of native stores in Bangladesh. With this in mind, recently it raised the nation’s biggest Series A financing round.
As indicated by ShopUp, it just brought $22.5 million up in a round co-drove by Sequoia Capital India and Flourish Ventures. For both the endeavor firms, this is the first occasion when they are lending a hand to a Bangladeshi startup. Veon Ventures, Speedinvest, and Lonsdale Capital additionally took an interest in ShopUp’s Series A financing round. In effect, ShopUp has raised about $28 million up until now.
“ShopUp is attempting to digitalize native mom and pop shops. Therefore, It built a full-stack business-to-business commerce platform. To put it differently, the platform provides three core services to neighborhood stores. For instance, a wholesale marketplace to secure inventory, logistics (including last mile delivery to customers). Coupled with, working capital.”
– Afeef Zaman, co-founder and CEO, ShopUp
Even though, Zaman declined to uncover the number of mother and pop shops today use ShopUp. However, he assured that the platform expects an unmistakable lead in its class in the nation. Not to mention, that lead has expanded in the midst of the worldwide pandemic. Undoubtedly, more physical shops investigate advanced contributions to remain afloat.
Meanwhile, this startup inaugurated an office in Bengaluru. With this intention to enlist nearby tech ability in the country. Further, the Indian e-commerce platform Voonik converged with ShopUp this year. In fact, both of its co-founders joined the Bangladeshi startup. To emphasize, the startup will employ more potential new faces in India.
At this moment, the number of local shop transactions grew week after week on the ShopUp platform by 8.5 occasions between April and August this year. Moreover, the pandemic additionally helped ShopUp involving with online business players to convey things for them.
At this instant, the startup has no goal to turn into an online business platform. Such as, Amazon that straightforwardly engages with the shoppers. Currently, e-commerce is yet in its incipient stage in Bangladesh. Till now, Amazon presently can’t seem to enter the nation. However, progressively Facebook is filling out that job.
Generally speaking, ShopUp visualizes gigantic opportunity in serving neighborhood stores. Therefore, the startup intends to utilize the new capital to extend its associations with makers. In addition, grow its tech foundation.