Bangladesh-based B2B platform bags $30m in debt financing

Photo credit: ShopUp

ShopUp, a Bangladesh-based B2B ecommerce platform, has secured US$30 million in debt financing.

The funding consists of US$20 million from UK-based debt provider Lendable and US$10 million from The City Bank, a commercial bank in Bangladesh. This marks Lendable’s first investment in South Asia.

ShopUp will use the fresh funds to support its expansion efforts, strengthen supply chain operations, and help address the food waste problem in Bangladesh.

So far, the firm has raised over US$200 million in investments, including US$75 million from an oversubscribed series B round led by Peter Thiel’s Valar Ventures in September 2021.

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Founded in 2016, ShopUp provides mobile-based retail services to mom and pop stores, which play a crucial role in the distribution of food and household items in the country. According to the company, 4.5 million of these small stores account for 98% of total consumption in Bangladesh.

Mokam, ShopUp’s marketplace app, currently helps 20 million consumers in Bangladesh access food and essentials through its network of shops. The company also operates a last-mile logistics service, RedX.