ShopUp, the largest full-stack B2B commerce platform in Bangladesh, has announced a major milestone in securing $30 million in debt financing. This round of funding will be used to drive expansion efforts and strengthen the company's supply chain operations, benefiting small businesses and consumers across the country.
ShopUp's commerce platform, Mokam, is aimed at addressing these gaps by partnering 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.
This recent debt financing comes on the back of over $200 million in investments from global investors and 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 $30 million financing round was comprised of $20 million from Lendable, a global provider of debt to fintech companies in emerging markets, marking their first investment in South Asia, and the BDT equivalent of $10 million in debt financing from The City Bank, a major commercial bank in Bangladesh, which marks a first for a local startup.