Unpacking the Success of ShopUp: Bangladesh’s B2B Innovator

written by Enamul Haque

March 23, 2024

Shopup startup analyses

ShopUp is a notable startup in Bangladesh that has made significant strides in digitizing the country’s retail sector. Here’s a comprehensive analysis of ShopUp:


ShopUp is a full-stack B2B commerce platform that has raised substantial funding, with its total reaching $100.7M as of its Series B round, The company operates primarily in Bangladesh and India, offering services to small businesses through its various products.

Products and Services

  • Mokam: A B2B ordering app that provides access to over 10,000 products for more than 500,000 customers.
  • REDX: A third-party logistics platform that has handled over 50% of Bangladesh’s 3PL e-commerce shipments since the pandemic’s onset.
  • Baki: A buy-now-pay-later product that aids small businesses with financial flexibility.


ShopUp has experienced exponential growth, with sales increasing 13x and shipment volumes growing 11x over the past year. This growth is indicative of the platform’s increasing importance and effectiveness in the market.

Market Relevance

The global B2B e-commerce market is projected to grow at a CAGR of 18.7%, reaching a value of $25.65T by 2028. ShopUp’s success is aligned with the digital transformation initiatives that are becoming increasingly necessary for smooth operations in the e-commerce space.


ShopUp’s influence extends beyond business success. It plays a crucial role in ensuring consistent access to essential goods, thus impacting food security and economic stability in Bangladesh. Its innovative approach helps small shops receive quality products at affordable prices, directly benefiting the retail ecosystem.

Challenges and Opportunities

ShopUp targets the vast network of “mom-and-pop shops” in Bangladesh, which account for 98% of the country’s retail sector. These shops often lack digital presence and face challenges such as manual ordering from suppliers, lack of digital store management tools, and limited access to affordable working capital finance. ShopUp’s solutions aim to address these issues, presenting a significant opportunity for growth and impact.


ShopUp is a transformative force in Bangladesh’s retail landscape, leveraging technology to empower small businesses. With its innovative solutions and substantial market opportunity, ShopUp is well-positioned to continue its growth trajectory and contribute to the digitalization of Bangladesh’s economy.

For a more detailed analysis, including financials, market strategies, and future projections, a thorough review of financial reports and market research would be necessary.

Visit Official Website Click here ShopUp

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How does ShopUp compare to other e-commerce platforms in Bangladesh?

ShopUp stands out in Bangladesh’s e-commerce landscape primarily due to its focus on B2B commerce, which is a bit different from traditional B2C e-commerce platforms. Here’s how ShopUp compares to other e-commerce platforms in the region:

Full-Stack B2B Commerce Platform

ShopUp operates as a full-stack B2B commerce platform, providing a comprehensive suite of services that cater specifically to small businesses. This includes a wholesale marketplace (Mokam), logistics services (REDX), and small business financing (Baki). This approach is distinct from typical B2C e-commerce platforms that focus on direct consumer sales.

Target Market

While most e-commerce platforms in Bangladesh target individual consumers, ShopUp focuses on the millions of mom-and-pop stores across the country. These small retailers often lack digital tools and face challenges like inventory management and access to capital. ShopUp’s services are designed to address these specific needs, setting them apart from other e-commerce businesses.

Growth and Execution

ShopUp has shown remarkable growth and execution capabilities. It has become one of the fastest-growing logistics services in Dhaka and has successfully connected small businesses with suppliers, providing access to a wide range of products. The platform’s ability to integrate commerce with capital and logistics is a key differentiator.

Innovation in Financing

ShopUp’s financing service, Baki, allows small businesses to buy products on credit, which is seamlessly integrated into the purchasing process on Mokam. This embedded finance product simplifies the financing process for retailers, which is not commonly offered by other e-commerce platforms.

Expansion and Features

The platform has been continuously adding features that benefit small businesses, such as customer credit management and payment reminders. Future plans include adding bookkeeping, invoicing, and other business management services, which will further distinguish ShopUp from other e-commerce platforms in Bangladesh.

In summary, ShopUp’s unique positioning as a full-stack B2B commerce platform, its focus on empowering small businesses, and its innovative approach to financing and logistics set it apart from other e-commerce entities in Bangladesh.

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Who are some competitors of ShopUp?

ShopUp operates in a dynamic market with several competitors. Some of the primary competitors include:

  • Bazaar: A platform that provides similar B2B commerce solutions.
  • BuildaBazaar: An e-commerce platform that offers a DIY online store builder.
  • KredX: A company that specializes in invoice discounting and provides financial solutions for businesses.

These competitors vary in their services and target markets, but they all contribute to the vibrant e-commerce and financial services ecosystem within which ShopUp operates.

What is the future plan of ShopUp?

ShopUp has outlined ambitious plans for its future growth and expansion. Here are some key points from their recent announcements:

  • Debt Financing: ShopUp secured $30 million in debt financing to boost its expansion efforts and strengthen its supply chain operations.
  • Expansion Goals: The company aims to create a seamless distribution network for food and essentials, serving 80 million people in Bangladesh.
  • Supply Chain Development: ShopUp is committed to addressing gaps in the country’s food supply chain infrastructure and partnering closely with mills and manufacturers.
  • Financial Services: The funds will also help expand its financial services products to support underserved SMEs in the food value chain.
  • Food Security: By implementing a seamless distribution system, ShopUp plans to reach 50% of the population, ensuring food security for all and addressing the significant food waste issue in Bangladesh

These initiatives indicate ShopUp’s dedication to not only growing its business but also contributing to the economic development and food security of Bangladesh.

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