ShopUp Announces Growth to $129M Revenue and Strategic Expansion Plans

Written by ShopUp

DHAKA, BANGLADESH - Media OutReach Newswire ^[1] - 13 May 2024 - ShopUp, Bangladesh's leading full-stack B2B commerce platform, has announced significant revenue growth and strategic expansion plans to transform commerce in emerging markets, achieving this feat despite global macroeconomic headwinds.

Small shop owner uses ShopUp's B2B commerce app

In the past fiscal year, ShopUp's revenue surged to $129 million from $83 million, while turning the leaf on positive gross margin, demonstrating robust growth and a commitment to facilitating commerce across Bangladesh. This achievement highlights the company's approach to addressing the challenges of connecting brands to end consumers in one of the world's most fragmented retail markets.

ShopUp's CFO, Vashistha Maheshwari, highlighted the company's journey towards sustainable growth and profitability. "Our focus on positive unit economics has led to gross margin positivity and reduction in our adjusted losses for FY ending June 2023. Continuing that momentum, we have turned monthly EBITDA positive in December 2023. This success highlights our unique go-to-market strategy and dedication to transforming commerce for SMEs," said Maheshwari.

ShopUp has introduced a new model of commerce that integrates embedded financing, payment processing, and logistics. This model connects mills, brands, and manufacturers with an extensive network of small shops through a hub-enabled distribution network. With 427 micro-fulfillment hubs, ShopUp has connected 31 million people in Bangladesh to essential goods, a figure that is nearly double the country's total e-commerce user base.

As part of its future strategy, ShopUp plans to expand its distribution hub network in Bangladesh to 700 by December 2025, enhancing its market penetration across product categories and the value chain. Looking beyond Bangladesh, ShopUp is set to replicate its successful model in other emerging markets, particularly within the Gulf region. "SMEs are the cornerstone of economic prosperity in these regions, and our aim is to empower them, driving growth and creating value across emerging markets," said Afeef Zaman, Founder & CEO of ShopUp.

This expansion aims to cement ShopUp's position as a premier tech-enabled distribution platform in emerging markets, fostering financial inclusion and streamlined commerce for the next billion consumers.

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