Commerce platform ShopUp raises $75 mn Series B from Peter Thiel’s Valar Ventures
Summary
ShopUp, a Bangladesh-based B2B commerce platform which merged with Bengaluru-based fashion retailer Voonik last February, has secured $75 million in a Series B funding round led by Peter Thiel’s Valar Ventures. Founded by Afeef Zaman, Ataur Rahim Chowdhury, Siffat Sarwar, and Sujayath Ali, in Bangladesh’s capital Dhaka, ShopUp connects small retailers and shop owners to source goods from large manufacturers and distributors. Headquartered in Dhaka, ShopUp opened an office in Bengaluru last year, with a large part of its tech and engineering talent based out of India. Started as a personal stylist platform, it pivoted to an online marketplace for unbranded fashion in early 2016 and has made half a dozen acquisitions. Reliance Industries backed Jio Platforms has also emerged as the largest contender for fulfilling the supply chain needs for small retailers and mom and pop stores.
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