ShopUp Raises $75M in Series B Funding


ShopUp, a Dhaka, Bangladesh-based full-stack B2B commerce platform, raised $75m in Series B funding.  

The round, which brought total funding to over US$110m, was led by Peter Thiel’s Valar Ventures with participation from Prosus Ventures (formerly Naspers Ventures), the venture investment arm of Prosus, along with existing investors Flourish Ventures, Sequoia Capital India, and Veon Ventures.

The company intends to use the funds to expand operations and its business reach in Asia.

Led by Afeef Zaman, CEO, ShopUp is a full-stack B2B commerce platform for small businesses featuring three products, such as

  • Mokam, a B2B commerce platform which helps neighbourhood mom and pop shops by enabling access to the a large catalogue of products with 24 hour doorstep delivery – all within one single app,
  • Baki, an embedded buy now pay later for retailers, and
  • REDX, a last-mile logistics network.

Over the past 12 months, the company has experienced an over 13x growth in revenue and 11x growth in the number of total shipments. Headquartered in Dhaka, ShopUp opened an office in Bengaluru last year, with a large part of its tech and engineering talent based out of India.