Media OutReach Newswire

2024-05-13 10:00

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

DHAKA, BANGLADESH - Media OutReach Newswire - 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
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.

Hashtag: #ShopUp #B2B #Commerce #Growth







發佈者對本公告的內容承擔全部責任

ShopUp

ShopUp is a B2B commerce company that connects mills, brands, and manufacturers to small neighborhood shops, creating a seamless distribution for food & essentials. Currently, 31 million people in Bangladesh access food and essentials through ShopUp's network of small shops. ShopUp aims to address gaps in the country's food supply chain infrastructure and make quality and affordable food accessible for 80 million people in Bangladesh.

source: ShopUp

【etnet 30周年】多重慶祝活動一浪接一浪,好禮連環賞! ► 即睇詳情

人氣文章
財經新聞
評論
專題
專業版
HV2
精裝版
SV2
串流版
IQ 登入
強化版
TQ
強化版
MQ

【etnet 30周年】多重慶祝活動一浪接一浪,好禮連環賞!

【etnet30周年連環賞】睇住賞維柏健webber naturals ®健骨MSM(活絡配方) (價值HK$412)

etnet榮獲HKEX Awards 2023 「最佳證券數據供應商」大獎

大國博弈

貨幣攻略

傾力救市

說說心理話

Watche Trends 2024

北上食買玩

Art Month 2024

理財秘笈

秋天養生食療

消委會報告

山今養生智慧

輕鬆護老