B2B platform ShopUp raises $22.5 million funding co-led by Sequoia, Flourish Ventures

ShopUp, a Bangladesh-based B2B platform for neighbourhood shops, has raised $22.5 million, marking the largest Series A round in the country.

The round was co-led by Sequoia Capital India and Flourish Ventures, with additional participation through VEON Ventures, Speedinvest, and Lonsdale Capital.

ShopUp is the first investment by Sequoia Capital India and Flourish Ventures in Bangladesh.


ShopUp offers small businesses easy access to B2B sourcing, last-mile logistics, digital credit, and business management solutions.

There are 4.5 million neighbourhood mom-and-pop shops in Bangladesh, known locally as Mudi Dokaans, that account for 98% of the country's retail sector. This makes Bangladesh one of the most fragmented retail markets in Asia

“This fresh round of funding will support us in increasing our retail reach, deepening our partnerships with manufacturers, and focusing on building tech-first infrastructure,” said Afeef Zaman, CEO of ShopUp.

The Covid-19 outbreak has increased stress on the traditional supply-chain ecosystem, with a sudden rise in demand from consumers looking for essential goods.

The number of neighbourhood shops transacting weekly on the ShopUp platform has grown by 8.5 times between April and August.

ShopUp opened an office in Bengaluru earlier this year.

E-commerce platform Voonik recently merged with ShopUp, with both the founders of Voonik joining ShopUp as co-founders.