Commerce Platform ShopUp Raises $75 Million in Largest Funding Round in the South Asian Market
By Manish Singh
ShopUp, a startup that is digitizing neighborhood stores in Bangladesh, has raised $75 million in a new financing round that is also the largest in the South Asian market.
Peter Thiel’s Valar Ventures led ShopUp’s $75 million Series B round. Prosus Ventures, as well as existing investors Flourish Ventures, Sequoia Capital India, and VEON Ventures, also invested in the round. The new investment, which brings the startup’s all-time raise to over $100 million, is also Valar’s and Prosus’ first deals in Bangladesh, home to over 100 million internet users.
Like its neighboring nation, India, more than 95% of all retail in Bangladesh goes through neighborhood stores. There are about 4.5 million mom-and-pop stores in the country, and the vast majority of them have no digital presence.
Photo courtesy of rupixen.