The Times Australia
News From Asia

.

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
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







The issuer is solely responsible for the content of this announcement.

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.

Times Magazine

Building an AI-First Culture in Your Company

AI isn't just something to think about anymore - it's becoming part of how we live and work, whether we like it or not. At the office, it definitely helps us move faster. But here's the thing: just using tools like ChatGPT or plugging AI into your wo...

Data Management Isn't Just About Tech—Here’s Why It’s a Human Problem Too

Photo by Kevin Kuby Manuel O. Diaz Jr.We live in a world drowning in data. Every click, swipe, medical scan, and financial transaction generates information, so much that managing it all has become one of the biggest challenges of our digital age. Bu...

Headless CMS in Digital Twins and 3D Product Experiences

Image by freepik As the metaverse becomes more advanced and accessible, it's clear that multiple sectors will use digital twins and 3D product experiences to visualize, connect, and streamline efforts better. A digital twin is a virtual replica of ...

The Decline of Hyper-Casual: How Mid-Core Mobile Games Took Over in 2025

In recent years, the mobile gaming landscape has undergone a significant transformation, with mid-core mobile games emerging as the dominant force in app stores by 2025. This shift is underpinned by changing user habits and evolving monetization tr...

Understanding ITIL 4 and PRINCE2 Project Management Synergy

Key Highlights ITIL 4 focuses on IT service management, emphasising continual improvement and value creation through modern digital transformation approaches. PRINCE2 project management supports systematic planning and execution of projects wit...

What AI Adoption Means for the Future of Workplace Risk Management

Image by freepik As industrial operations become more complex and fast-paced, the risks faced by workers and employers alike continue to grow. Traditional safety models—reliant on manual oversight, reactive investigations, and standardised checklist...

The Times Features

Ricoh Launches IM C401F A4 Colour MFP to Boost Speed and Security in Hybrid Workplaces

Ricoh, a leading provider of smart workplace technology, today launched the RICOH IM C401F, an enterprise-grade A4 colour desktop multifunction printer (MFP) designed for Austral...

Why Diversification Still Matters in a Volatile Economy

Market volatility, geopolitical conflicts, inflation fears—these are only some of the wild cards that render the current financial environment a tightrope to walk. Amidst all thi...

Specialised nutrition gains momentum in supporting those living with early Alzheimer's disease

With high public interest in Alzheimer’s disease, there is growing awareness of the important role nutrition plays in supporting memory and cognitive function in people diagnosed...

From clinics to comfort: how sleep retreats are redefining care in Australia

Australia is amid a sleep health crisis. Nearly 40% of adults report inadequate sleep, and the consequences are far-reaching, impacting everything from cardiovascular health to...

Is our mental health determined by where we live – or is it the other way round? New research sheds more light

Ever felt like where you live is having an impact on your mental health? Turns out, you’re not imagining things. Our new analysis[1] of eight years of data from the New Zeal...

Going Off the Beaten Path? Here's How to Power Up Without the Grid

There’s something incredibly freeing about heading off the beaten path. No traffic, no crowded campsites, no glowing screens in every direction — just you, the landscape, and the...