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ShopUp Raises $75 Million From Valar

FSN E-Commerce Ventures Ltd, Swan Energy Ltd, Aurobindo Pharma Ltd and United Breweries Ltd are stocks to surge in volume on BSE today.

Bangladesh-based business-to-business (B2B) commerce platform ShopUp, which merged with Bengaluru-based online fashion retailer Voonik in February 2020, has raised $75 million in a Series B round of funding led by Peter Thiel’s Valar Ventures, it said on Tuesday.

The company has now cumulatively raised more than $110 million.

The round, which also saw participation from Prosus Ventures and existing investors Flourish Ventures, Sequoia Capital India and VEON Ventures, marks the first investment by Valar Ventures and Prosus Ventures in Bangladesh.

The Dhaka-headquartered startup now connects small retailers and shop owners to large manufacturers and distributors to help them source goods. It also offers Mokam, which is its B2B e-commerce app.

It has two other products, RedX, a logistics arm, and Baki, a buy now, pay later product for small retailers.

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