Business-to-business e-commerce company ShopUp’s new funding round has seen the Bangladeshi start-up raise $75 million (Rs 499 crore) and it will use the investment to expand into more Indian cities.
ShopUp, which merged with Indian business Voonik in February 2020, is now valued at around between $350 million and $400 million following its latest funding round, ET Tech reported. As some of the business’ angel investors plan to hold a secondary share sale, this figure could be subject to change. The business received funds from Valar Ventures, Prosus Ventures, Sequoia Capital, and Flourish Ventures in the recent funding round.
“The new capital will be used to expand heavily across the country in more cities,” Voonik (and now ShopUp) co-founder Sujayath Ali told the Economic Times. “Currently, more than 50% of Bangladesh’s e-commerce deliveries are through Redx. As we expand, we will also double our headcount in Bengaluru, which houses the product and tech teams of ShopUp.”
ShopUp currently has around 100 staff in Bengaluru. The business is working to digitise the retail market and reduce pain points around logistics and supply chain. Afeef Zaman, Ataur R Chowdhury, Siffat Sarwar, and Voonik’s Navaneetha Krishnan J launched ShopUp as an online business in 2016.
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