Dhaka-headquartered ShopUp has raised $22.5m in what could be the biggest Series A funding round ever in India.
Sequoia Capital India and Flourish Ventures co-led the raise that also enjoyed participation from Veon Ventures, Speedinvest and Lonsdale Capital, according to TechCrunch.
ShopUp will use the new cash injection to fund its vision of digitising the country’s mum-and-pop stores with the help of its business-to-business commerce platform.
“Sequoia India has been a strong supporter of the company since it was part of the first Surge cohort in early 2019 and it’s been exciting to see the company become a trailblazer facilitating digital transformation in Bangladesh,” said Klaus Wang, VP at Sequoia Capital, in a statement seen by TechCrunch.
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