ShopUp receives over $74 million in investment, Bangladesh e-commerce development continues to accelerate

According to foreign media reports, so far this year, more than three Bangladeshi startups have received investments of approximately US$120 million, which is three times the amount for the whole of 2020.

Recently, Bangladeshi B2B e-commerce company ShopUp received more than $74 million in investment from a group of international venture capital investors, accounting for two-thirds of the investment in Bangladeshi startups so far this year. The company announced that it plans to use the funds to expand its supply network between retail stores across the country.

In addition, other start-ups in Bangladesh have also received $45 million in investment, and according to survey data, the investment amount will continue to increase in the next three months. Bangladeshi economic experts believe that this is a good start for a relatively low base.

Shawkat Hossain, general secretary of Bangladesh , said most of the funding came from foreign investors, demonstrating the strength and potential of young Bangladeshi technology companies that have ideas and approaches to solve wider social and economic problems by expanding their businesses.

“Bangladesh startups are now in a better position in the minds of international investors because of their potential in the growth story of our economy,” said Muallem A Choudhury, chief advisor at Brummer and Partners Asset Management , a venture capital and private equity association in Bangladesh.

In addition, Shawkat Hossain, manager of two foreign private equity firms focusing on Bangladesh , said that the reason for the influx of investors in Bangladesh is that the economy of Bangladesh is growing, and the success stories of some Bangladeshi start-ups that have received investment and continued to grow have given investors confidence. For example, Chaldal, the country's largest online grocery platform and the second largest grocery seller in the country, recently received $10 million in new funds and will soon double its delivery network to continue its outstanding growth record.

Syed Almas Kabir, president of the Bangladesh Software and Information Services Association , said that the total investment in Bangladesh startups of more than $300 million is not a high amount, but with the emergence of talents and investors' attention to Bangladesh startups, things are moving in the right direction. At present, the Bangladesh government has also set up a venture capital fund to support startups. He stressed the need to find suitable startups from the national fund for investment.

Bengal

E-commerce

ShopUp