ShopUp has raised $75 million in funding led by Valar Ventures, Prosus Ventures. Sequoia Capital and Flourish Ventures also participated in the round. The startup is planning to digitise the retail market and solve issues over supplies, lending and logistics. ShopUp is trying to connect small retailers and shop owners to source goods from prominent manufacturers and distributors through its platform, Mokam.
“The new funds will be used to expand in more cities. As we expand, we will also double our headcount in Bengaluru, which is the base of product and tech teams of ShopUp,” Sujayath Ali, Co-founder & COO of ShopUp, said.
He said after the funding, ShopUp is valued at $350-400 million, but secondary share sale and to purchase some debt capital is planned by some of the company’s angel investors. Mokam has 50,000-100,000 retailers so far, and the number will grow as the company extends in the country, Ali added.