Gabriel Budi Sutrisno · · 2 min readBangladesh’s PriyoShop secures $5m to digitalize more merchants
Photo credit: PriyoShop
Over a year since unveiling its plan to raise US$5 million, PriyoShop, a B2B retail platform for MSMEs in Bangladesh, has finally reached the target.
It raised the amount in a pre-series A funding round led by Century Oak Ventures. Other investors like Evolution Ventures, Iterative, and Orbit Startups also joined the fundraising, according to a statement.
Founded in mid-2021, PriyoShop helps MSMEs source products at competitive prices and with quick deliveries. The startup – which won Tech in Asia’s first virtual Pitch Night in 2020 – also provides financial services for small businesses, among other services.
Asikul Alam Khan, PriyoShop’s founder and CEO, shared that the fresh capital would boost the firm’s tech infrastructure and help it augment its user base through the introduction of new financial services.
PriyoShop collaborates with over 200 brands, including PepsiCo and Coca-Cola, to upgrade their operations and provide them with a more efficient digital supply chain management system.
Khan added that while PriyoShop currently has around 55,000 merchants on the platform, it aims to “positively impact over one million merchants in the coming year.”
The company said it is tapping into the vast market of small local stores, where the majority of retail transactions – roughly 97% of Bangladesh’s US$200 billion annual sales – take place.
See also: Why Bangladesh’s rising star has big-name VCs hooked
Editing by Miguel Cordon and Jaclyn Tiu
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