Participated · Debt Financing · Feb 2023

ShopUp is the largest full-stack B2B commerce platform in Bangladesh that connects manufacturers, brands, and mills to small shops through its Mokam commerce platform. The company operates REDX, the largest last-mile logistics network in Bangladesh, to streamline distribution of food and household essentials to a network of small shops. Mokam's network currently enables 20 million people to access food and essentials through its shop network. ShopUp has raised over $200 million from global investors to date and recently secured $30 million in debt financing to support expansion and supply-chain investments. The company plans to build critical supply chain infrastructure, partner closely with mills and manufacturers, and expand financial services for underserved SMEs while scaling distribution to reach 50–80 million people. It also aims to reduce food waste—reported as over 30% of production—by implementing a more seamless distribution system across Bangladesh. ShopUp is a Dhaka-based full-stack B2B commerce startup focused on digitizing neighborhood shops through an ecosystem of solutions from marketplace to logistics to capital. The company offers an integrated suite of services aimed at bringing informal retail onto digital platforms. ShopUp recently closed a $34 million Series B extension led by Tiger Global Management. The extension brings the company's total Series B investment to $109 million. Four months earlier, ShopUp raised a $75 million Series B led by Peter Thiel's Valar Ventures and Prosus Ventures. The reporting identifies ShopUp as operating out of Dhaka. ShopUp provides a full-stack business-to-business commerce platform that supplies neighborhood shops with a wholesale marketplace, logistics (including last-mile delivery), and working capital via banking partners. The company has partnered with major manufacturers, producers and distributors to secure inventory and says its logistics network is already the largest in Bangladesh. Over the past year ShopUp expanded its product set and deepened its footprint across Bangladesh while growing business more than 13× year-over-year. The startup was hit by the pandemic but is recovering as the country reopens and small shops accelerate technology adoption. ShopUp is Dhaka-headquartered with a significant engineering and tech office in Bangalore. The company has increased its employee stock option pool threefold and plans to deploy the new funding in part to expand its team. ShopUp operates a full‑stack B2B commerce platform that provides neighborhood stores with a wholesale marketplace, logistics (including last‑mile delivery) and working capital. The startup targets Bangladesh’s roughly 4.5 million mom‑and‑pop shops, where more than 95% of retail occurs and many merchants lack a digital presence. ShopUp declined to disclose its exact user count but said it holds a clear lead in its category, and weekly transacting shops on the platform grew 8.5× between April and August. The company has expanded its engineering footprint, opening an office in Bengaluru and absorbing Indian e‑commerce platform Voonik via a merger whose co‑founders joined ShopUp. ShopUp says it does not intend to become a consumer‑facing e‑commerce player and plans to deploy new capital to deepen manufacturer partnerships and expand its tech infrastructure. The platform is focused on addressing inventory delays, pricing inefficiencies and a working‑capital crunch that leaves many stores reliant on credit for the majority of sales. ShopUp was founded in 2016 and started as a social-commerce and marketing company enabling small Facebook‑based merchants to manage promotion, orders and delivery. The company has evolved into a broader platform and says it currently serves over 95,000 micro-entrepreneurs. ShopUp partners with logistics providers such as DHL to help customers manage fulfillment. It offers tools to automate online sales and provides access to microloans for small businesses and home-based entrepreneurs. The team was selected for the first cohort of Sequoia India’s Surge accelerator, which will provide mentorship, capital and cross-border support. The Surge selection is positioned as part of ShopUp’s plan to accelerate growth and pursue additional fundraising and market opportunities.