B2B Commerce Startup ShopUp Raises $22.5 Mn Led By Sequoia, Flourish Ventures

BENGALURU: Bangladesh-based B2B e-commerce startup ShopUp has raised $22.5 million as part of its Series A round co-led by Sequoia Capital India and Flourish Ventures. ShopUp offers small businesses easy access to B2B sourcing, last-mile logistics, digital credit, and business management solutions. Indian e-commerce platform Voonik also recently merged with ShopUp, with both founders of Voonik joining ShopUp as co-founders, earlier this year. “COVID-19 has further underscored the need for digital transformation for the country’s smaller businesses,” said Afeef Zaman, Co-founder & CEO of ShopUp. “ShopUp is empowering its customers through high quality and timely product sourcing, reliable deliveries and accessible financing. Sequoia India has been a strong supporter of the company since it was part of the first Surge cohort in early 2019 and it’s been exciting to see the company become a trailblazer facilitating digital transformation in Bangladesh,” said Klaus Wang, VP, Sequoia Capital Singapore. “Small businesses were amongst the worst hit during the pandemic and it’s heartening to see how ShopUp adapted to the crisis and is accelerating inclusion of hundreds of thousands of small businesses, including a large number run by women,” said Smita Aggarwal, Global Investments Advisor, Flourish Ventures. The number of neighborhood shops transacting weekly on the ShopUp platform has grown by 8.5 times between April and August.