Business

shop-up investment stood at more than Tk 935 crore

The amount of shop-up investment stood at more than Tk 935 crore. Last October, they received an investment of Tk 190 crore. Sapna Akhter’s small family in Khilkhet of the capital. The two girls attend school. The husband works in a private company. Salary is low. So the tension in the world. Five years ago, Swapna started a grocery store called Sadia Store with an investment of Tk 2 lakh. Although the business was going well, there were some problems. If you want to bring goods, you have to keep the  shop-up investment shop closed. Sometimes you can’t buy the necessary products due to lack of money. Some of the buyers would go to other shops without getting the product.

About a year ago, an initiative called Shopup came to Swapna Akter’s side. Since then, there is no need to worry about groceries. When the product is needed, it reaches the store as soon as it is ordered online. There is no problem even if there is a pull of money. The rest of the products can be bought. Basically, ShopUp is solving various problems of small and medium traders through three different services.

Swapna Akhter told Prothom Alo on her mobile phone yesterday , ‘After joining Shopup, my business has shop-up investment become much easier. The shop does not have to be closed due to going to buy products. If necessary, the rest of the products are going to be bought. All in all, the business has grown a little bit.

Like a dream, ShopUp has reached 8-9 lakh small and medium entrepreneurs across the country. The startup has received a new investment of seven and a half crore US dollars or 740 crore rupees. This is the second foreign investment in ShopUp in 10 months. Led by three US-based venture capital funds, Valer Ventures, including Peter Thiel, co-founder of financial services medium PayPal, the investments include Prosus Ventures, Florish Ventures, Sequoia Capital India and Vion Ventures.

Shopup authorities officially announced the investment on Monday. As a Series B, they said, it is the largest investment in any startup based in Bitcoin Commerce in South Asia. The next step is to invest in Series B. In all, the amount of foreign investment in ShopUp stood at more than Tk 935 crore, which is the highest investment in any startup in Bangladesh.

Afif Zaman, co-founder and chief executive officer (CEO) of the shop , told Prothom Alo that the new foreign investment of Tk 740 crore is a milestone for the shop. Following in the footsteps of Peter Thiel’s Vallar Ventures, other big investors from around the world will come to Bangladesh in the future.

Afif Zaman and Sifat Sarwar are friends of the university. They did BBA from Institute of Business Administration (IBA) of Dhaka University. Sifat Sarwar then joined Standard Chartered Bank and Afif Zaman set up his own business. There he met Ataur Rahim Chowdhury. Ataur Rahim graduated from the Department of Computer Science and Engineering at East West University.

In 2016, while visiting Dadabari in Patuakhali, Afif saw that the artisans of the village make ancient traditional pottery, but they do not get the price they deserve. They try to create an online platform for the purpose of helping those artisans. Shopup started from there. At present, the shop has Afif Zaman as CEO,

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