Miguel Cordon · · 2 min readSequoia-backed ShopUp to expand reach as revenue tops $129m
Photo credit: ShopUp
Bangladesh-based B2B platform ShopUp said its revenue stood at US$129 million for its 2023 financial year, up from US$83 million in FY 2022. Vashistha Maheshwari, the firm’s CFO, said that the company turned monthly EBITDA positive in December 2023.
“Our focus on positive unit economics has led to gross margin positivity and reduction in our adjusted losses for the FY ending June 2023,” added Maheshwari.
ShopUp merges finance, transaction processing, and supply chain services. This model builds a link between brands, factories, and small businesses with its microfulfillment centers.
The firm offers these services through the Mokam, Redx, and Onkur brands.
Currently, ShopUp runs 427 centers, serving 31 million people in Bangladesh. The company said it plans to increase its centers to 700 by December 2025.
It also aims to roll out its business in other developing markets, focusing on the Gulf region.
Afeef Zaman, ShopUp’s CEO, said that “SMEs are the cornerstone of economic prosperity in these regions, and our aim is to empower them, driving growth and creating value across emerging markets.”
The development follows the company raising US$30 million in debt funding last year, consisting of US$20 million from UK-based debt provider Lendable and US$10 million from Bangladesh’s The City Bank.
Other backers of ShopUp include Peter Thiel’s Valar Ventures and Peak XV’s Surge.
See also: TikTok’s live-commerce boom: hustler’s paradise or fleeting trend?
Editing by Lorenzo Kyle Subido
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