For the last-mile network in Bangladesh
Shop Up, a B2B commerce platform based in Bangladesh, has secured USD 30 million in debt financing, with Lendable contributing USD 20 million as the major investor. For the global provider of debt financing to fintech companies in emerging markets, this was the first venture into South Asia.
Shop Us secured the remaining USD 10 million from City Bank, a major commercial bank in Bangladesh, a first for a local start up.
Bangladesh's retail market is highly fragmented, with 4.5 million small shops accounting for 98% of total consumption in the country. Shop Up'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 a major last-mile logistics network in Bangladesh, called Redx, and has raised over USD 200 million in investments from global investors to date. (sh)