This round brings ShopUp's total funding to $100.7M. Here are the top-line bullets you need to know.
ShopUp, a full-stack B2B commerce platform, has raised $75M in a Series B. The round drew participation from Valar Ventures, VEON, Prosus Ventures, and Sequoia Capital India, among others.
HOW’S THE COMPANY PERFORMING?
- Dhaka-based ShopUp provides B2B e-commerce services to small businesses.
- The company’s products include Mokam (a B2B ordering app), REDX (a third-party logistics platform), and Baki (the company’s buy-now-pay-later product).
- ShopUp provides over 500,000 customers access to 10,000+ products on its Mokam platform. REDX has delivered over 50% of Bangladesh’s 3PL e-commerce shipments since the onset of the pandemic.
- ShopUp’s sales have grown 13x and shipment volumes on its app have grown 11x over the past year.
- The company operates in Bangladesh and India.
WHY DOES THE MARKET MATTER?
- The global B2B e-commerce market is projected to grow at a CAGR of 18.7% to reach a value of $25.65T by 2028, according to Grand View Research.
- Several vendors from high-performing economies have adopted digital transformation initiatives to ensure smooth operations, which has led to a growing demand for technologies to help manage online shopping operations, payments processing, and more.
- The Covid-19 pandemic and subsequent rise in the volume of online purchases have contributed to e-commerce market growth.