Dubai PR Network, Online Press Release from Dubai and Middle East
Filter PR by
ShopUp secures USD 30 million debt financing to fuel expansion and strengthen supply chain operations

  • ShopUp, the largest full-stack B2B commerce platform in Bangladesh, announces a major milestone in securing $30 million in debt financing.

  • The $30 million financing round was comprised of $20 million from Lendable, the global provider of debt to fintech companies in emerging markets, marking their first investment in South Asia.


DHAKA, BANGLADESH - Media OutReach - 2 February 2023 - ShopUp, the largest full-stack B2B commerce platform in Bangladesh, announces a major milestone in securing $30 million in debt financing. The funds will be used to drive expansion efforts and strengthen the company's supply chain operations, benefiting small businesses and consumers across the country.


The $30 million financing round was comprised of $20 million from Lendable, the global provider of debt to fintech companies in emerging markets, marking their first investment in South Asia. Additionally, ShopUp secured BDT equivalent of $10 million in debt financing from The City Bank, a major commercial bank in Bangladesh, a first for a local startup.

Bangladesh's retail market is highly fragmented, with 4.5 million small shops accounting for 98% of total consumption in the country. These small, scattered shops are responsible for distributing food and household items across the country. Still, they face issues such as product unavailability, unreliable delivery, and lack of access to affordable financing.

ShopUp's commerce platform Mokam partners with manufacturers, brands, and mills to streamline the distribution of food and household necessities to small shops. Currently, 20 million people in Bangladesh access food and essentials through Mokam's network of shops. The company operates the largest last-mile logistics network in Bangladesh, REDX, and is committed to addressing gaps in the country's food supply chain infrastructure.

With over $200 million in investments from global investors already raised, the recent debt financing of $30 million will enable ShopUp to further its efforts in building critical supply chain infrastructure, partnering closely with mills and manufacturers, and expanding its financial services products to support underserved SMEs in the food value chain. The funds will also help address the significant food waste issue in Bangladesh, with over 30% of production going to waste, by implementing a seamless distribution system that reaches 50% of the population, ensuring food security for all.

'The new debt facilities will help us reach our goal of creating a seamless distribution network for food and essentials that serves 80 million people in Bangladesh,' says Afeef Zaman, CEO, and Founder of ShopUp. 'Our recent success in securing financing is a reflection of our financial stability and our efforts towards having a positive impact in Bangladesh.'

“We have been impressed by the scale of business and quality of team that ShopUp has built to date and are happy to be supporting the impactful work ShopUp has been doing in providing access to goods and capital to underserved MSMEs in Bangladesh” added Hani Ibrahim, Chief Investment Officer of Lendable. “We continue to work closely with ShopUp to facilitate additional debt capital into their business as they roll out their growth plan”.

Hashtag: #ShopUp #Lendable #Debt #Financing #B2B #Commerce #Finance #Fintech #Business #StartUp #Funding #Singapore #Bangladesh #APAC



The issuer is solely responsible for the content of this announcement.

ShopUp

ShopUp is the largest full-stack B2B commerce platform in Bangladesh, offering a range of services to small businesses and consumers. The company operates the largest last-mile logistics network in Bangladesh and has raised over $200 million in investments from global investors.

Lendable

Lendable is a leading debt finance provider to fintech companies across frontier and emerging markets that create access to new financial products and services for un- and under-banked populations. Lendable finances fintech companies that facilitate consumer and MSME credit, productive asset finance, payments, remittances, and digital marketplaces. From its offices in Nairobi, London, and Singapore, and using its proprietary technology and data, Lendable directly originates, structures, underwrites, and monitors all transactions. To date, Lendable has disbursed over $340m to fintechs in over 14 countries.

To learn more about Lendable, visit

ShopUp

Posted by : Media Outreach, Jenny
Viewed 0 times
PR Category : Others
Posted on : Thursday, February 2, 2023  11:00:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Media OutReach

Related Stories

 
 
Most Viewed Press Release posted in the last 7 days
Catrice Unveils the Spring/Summer 2024 Collection: Introducing Shine Bomb Lip Lacquer! [25071-Views]
Unleash Your Inner Royalty with “Call me Queen” Dramatic False Lash Effect Mascara by esse... [24957-Views]
Pogačar takes second victory in a row at Giro D'Italia [21689-Views]
WFP News Video: WFP Warns Unprecedented Drought and Floods Causing Surge in Climate Relate... [21636-Views]
POCO Sets New Standard with Global Launch of F-Series in Dubai [20607-Views]
Pogačar triumphs on Queen stage of Giro D'Italia [19311-Views]
Pogačar second on Giro climb of Passo del Brocon [16699-Views]
Porsche Becomes Third Major Manufacturer To Commit To Formula E's Gen4 Era Until At Least ... [13538-Views]
TCL Electronics introduces the latest QD-Mini LED TV and smart home appliances in Istanbul [9815-Views]
Rick and Morty x SHEGLAM: Jump into an Interdimensional Makeup Adventure [8856-Views]
Beauty Meets Technology: CHATEAU BERGER Cosmetiques Unveils its Cutting-Edge Skincare Line... [7560-Views]
Noatum Launches Maritime Services in Türkiye [7491-Views]
Mubadala Investment Company Reports 2023 Financial Results [7396-Views]
GEMS Modern Academy honoured with NAFIS Award for outstanding support of Emiratisation [6691-Views]
AUS named among top 125 in THE Young University Rankings 2024 [6597-Views]
AW Rostamani Group Drives Sustainable Mobility at Electric Vehicle Innovation Summit With ... [6494-Views]
The Treasures of the Library Exhibition at Mohammed Bin Rashid Library… A Museum of Cultur... [6408-Views]
Alpen Capital Report highlights investment opportunities amid strengthening investment tie... [6187-Views]
Eid Al-Adha at Bawabat Al Sharq Mall: Mark Your Calendars for Great Family Fun & Big Wins... [6175-Views]
TCL Middle East & Africa showcases their latest line-up of products in Istanbul [6093-Views]
Opening Soon: Union Coop Announces Completion of Silicon Oasis Center [6076-Views]
Hamdan bin Rashid Al Maktoum Centre for Giftedness and Innovation Team Achieves First Rank... [6019-Views]
Largest ever edition of the International Exhibition for National Security & Resilience ge... [5908-Views]
Styched Sets Sights on UAE's Booming Fashion Market [5769-Views]
Cartier Spring-Summer 2024 Trinity Eyewear Limited Edition [5724-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Top Sections
 
Top Stories