VEON Ventures has joined Sequoia Capital India and Flourish Ventures as investors in ShopUp, a leading B2B commerce platform for small businesses in Bangladesh.
The investment enables VEON Ventures to support ShopUp’s digital ecosystem for micro, small and medium-sized enterprises (MSMEs).
ShopUp provides B2B sourcing, logistics and financial services through its digital platform and last mile logistics service, RedX.
A large portion of Bangladeshi local businesses are using ShopUp, helping shops and online sellers overcome the supply chain challenges of Bangladesh’s highly fragmented wholesale, retail and distribution channels.
ShopUp’s embedded financial services product provides MSMEs with access to digital credit through partnerships with leading local financial institutions, broadening financial inclusion to communities of small businesses that often lack access to basic banking services.
“By combining VEON’s expertise in digital financial services with ShopUp’s sourcing and logistics capabilities, we look forward to serving the business needs of Bangladesh’s vibrant MSME community,” Sergi Herrero, VEON’s co-CEO, said.
VEON’s investment in ShopUp was made alongside Flourish Ventures and Sequoia Capital India. Both investment firms co-led the current investment round for ShopUp, with additional participation from Speedinvest and Lonsdale.