Auzzi Shopping

Men's Weekly

.

ShopUp secures USD 30 million debt financing to fuel expansion and strengthen supply chain operations

  • Written by Auzzi Shopping

  • ShopUp, the largest full-stack B2B commerce platform in Bangladesh, announces a major milestone in securing $30 million in debt financing.

  • The $30 million financing round was comprised of $20 million from Lendable, the global provider of debt to fintech companies in emerging markets, marking their first investment in South Asia.


DHAKA, BANGLADESH - Media OutReach - 2 February 2023 - ShopUp, the largest full-stack B2B commerce platform in Bangladesh, announces a major milestone in securing $30 million in debt financing. The funds will be used to drive expansion efforts and strengthen the company's supply chain operations, benefiting small businesses and consumers across the country.


The $30 million financing round was comprised of $20 million from Lendable, the global provider of debt to fintech companies in emerging markets, marking their first investment in South Asia. Additionally, ShopUp secured BDT equivalent of $10 million in debt financing from The City Bank, a major commercial bank in Bangladesh, a first for a local startup.

Bangladesh's retail market is highly fragmented, with 4.5 million small shops accounting for 98% of total consumption in the country. These small, scattered shops are responsible for distributing food and household items across the country. Still, they face issues such as product unavailability, unreliable delivery, and lack of access to affordable financing.

ShopUp's commerce platform Mokam partners with manufacturers, brands, and mills to streamline the distribution of food and household necessities to small shops. Currently, 20 million people in Bangladesh access food and essentials through Mokam's network of shops. The company operates the largest last-mile logistics network in Bangladesh, REDX, and is committed to addressing gaps in the country's food supply chain infrastructure.

With over $200 million in investments from global investors already raised, the recent debt financing of $30 million will enable ShopUp to further its efforts in building critical supply chain infrastructure, partnering closely with mills and manufacturers, and expanding its financial services products to support underserved SMEs in the food value chain. The funds will also help address the significant food waste issue in Bangladesh, with over 30% of production going to waste, by implementing a seamless distribution system that reaches 50% of the population, ensuring food security for all.

"The new debt facilities will help us reach our goal of creating a seamless distribution network for food and essentials that serves 80 million people in Bangladesh," says Afeef Zaman, CEO, and Founder of ShopUp. "Our recent success in securing financing is a reflection of our financial stability and our efforts towards having a positive impact in Bangladesh."

“We have been impressed by the scale of business and quality of team that ShopUp has built to date and are happy to be supporting the impactful work ShopUp has been doing in providing access to goods and capital to underserved MSMEs in Bangladesh” added Hani Ibrahim, Chief Investment Officer of Lendable. “We continue to work closely with ShopUp to facilitate additional debt capital into their business as they roll out their growth plan”.

Hashtag: #ShopUp #Lendable #Debt #Financing #B2B #Commerce #Finance #Fintech #Business #StartUp #Funding #Singapore #Bangladesh #APAC



The issuer is solely responsible for the content of this announcement.

ShopUp

ShopUp is the largest full-stack B2B commerce platform in Bangladesh, offering a range of services to small businesses and consumers. The company operates the largest last-mile logistics network in Bangladesh and has raised over $200 million in investments from global investors.

Lendable

Lendable is a leading debt finance provider to fintech companies across frontier and emerging markets that create access to new financial products and services for un- and under-banked populations. Lendable finances fintech companies that facilitate consumer and MSME credit, productive asset finance, payments, remittances, and digital marketplaces. From its offices in Nairobi, London, and Singapore, and using its proprietary technology and data, Lendable directly originates, structures, underwrites, and monitors all transactions. To date, Lendable has disbursed over $340m to fintechs in over 14 countries.

To learn more about Lendable, visit

Today's Features at Auzzi

4 Benefits of Arranging Professional Conveyancing Services

The process of buying or selling can be complex and full of legal intricacies, which is why professional conveyancing services are recommended. A licensed conveyancer or solicitor can hel...

4 Benefits of Arranging Professional Conveyancing Services

The process of buying or selling can be complex and full of legal intricacies, which is why professional conveyancing services are recommended. A licensed conveyancer or solicitor can hel...

The Hibachi Birthday Surprise That Made My Sister Cry

The text from Mom came through at 10:37 AM: "Don't forget - your sister's birthday is tomorrow." Cue the panic. Not just any birthday - her 40th. And all I had planned was a sad grocery stor...

Buying in Sydney? Why You Need a Property Lawyer

Purchasing property in Sydney can feel like navigating a labyrinth. From deciphering strata reports to understanding complex contract clauses, the process is fraught with potential pitfall...

How to Spot a Great Caravan Deal

When you’re browsing caravans for sale, it’s easy to get overwhelmed by flashy features, limited time offers and endless specs. But whether you’re new to caravanning or looking to up...

About to Buy a Caravan? 3 Questions You'll Regret Not Asking

You’re stuck in traffic, a caravan beside you, driver looking considerably more relaxed than you are.  Your tea’s tipped onto your laptop bag and you’re running on fumes, anticipatin...

Are melatonin gummies safe? The Sweet Truth About Your Sleep Aid

Have you ever found yourself counting sheep that seem to have gone on strike while staring at the ceiling at 3 AM? You're not the only one. Every night, millions of people toss and turn, l...