B2B startup ShopUp secures $30m debt financing

The entryway to ShopUp’s new headquarters.

Business-to-business (B2B) startup ShopUp yesterday announced that it had secured $30 million in debt financing from both local and global lenders. 

The funds will be used to drive expansion efforts and strengthen the company’s supply chain operations, benefiting small businesses and consumers across the country, the company said in a statement.

The financing comprised $20 million from Lendable, a global debt financing provider for fintech companies in emerging markets, marking their first investment in South Asia.

The remaining was secured from City Bank, albeit in taka, the local currency.

The development comes at a time when global investment in local startups is on the decline due to global economic uncertainties.

“Normally startups in Bangladesh get investment from global venture capital firms but debt financing for a local startup is a first. So, I think it is a positive thing for Bangladesh,” said Fahim Mashroor, CEO of bdjobs.com.