Afeef Zaman (ShopUp)
Overview
Afeef Zaman is an influential Bangladeshi entrepreneur, known primarily as the co-founder and CEO of ShopUp, Bangladesh's largest full-stack B2B commerce platform. Under his leadership, ShopUp has become a major player in empowering small and medium-sized enterprises (SMEs) in Bangladesh through technology, logistics, and financial services. His remarkable proficiency in problem-solving within emerging markets like Bangladesh has gained him recognition, especially in connecting small retailers to essential digital services.
Recent Developments
In recent years, ShopUp has seen significant developments under Afeef Zaman’s leadership:
- April 2025: ShopUp, led by Afeef Zaman, announced a strategic merger with Sary, a B2B marketplace in the Gulf region. The merger, valued at $110 million, heralded the creation of the SILQ Group, aimed at connecting the Gulf and South Asian markets. This merger is backed by investments from Sanabil Investments and Peter Thiel's Valar Ventures, focusing on integrated services for SMEs across these regions.
- March 2024: ShopUp expanded its distribution network significantly, planning to establish 700 hubs across Bangladesh by the end of 2025 to enhance its supply chain capabilities.
- August 2024: Secured $6.5 million in debt financing from Credit Saison to bolster its operational scope.
- 2023-2024: Marked by major funding rounds and increased technological investments, ShopUp is seeking to revolutionize the trade route between the Gulf-Cooperation Council and South Asia, projected to handle over $682 billion worth of trade.
Personal Information
| Attribute | Information |
|---|---|
| Full Name | Afeef Zaman |
| Born | Bangladesh |
| Nationality | Bangladeshi |
| Occupation | Entrepreneur, CEO of ShopUp |
| Known For | Co-Founder & CEO of ShopUp |
| Education | Institute of Business Administration, University of Dhaka |
Early Life and Education
Afeef Zaman was born in Bangladesh, where he spent his formative years. He pursued higher education at the Institute of Business Administration at the University of Dhaka. His academic journey enriched him with foundational business insights and sparked an entrepreneurial spirit that would shape his professional endeavors. Throughout his education, Zaman developed a keen interest in addressing operational challenges for small businesses, which later fueled the services offered by ShopUp.
Career and Notable Achievements
- 2017: Founded ShopUp alongside Ataur Rahim Chowdhury and Navaneetha Krishnan J. The company was conceptualized to aid SMEs by providing access to essential services such as logistics, financing, and market connections.
- 2018: Developed partnerships, notably with BRAC, to offer embedded finance solutions to SMEs.
- 2019: ShopUp underwent significant growth stages, marked by successful funding rounds including participation from Sequoia Capital India.
- 2021: Raised $75 million in Series B funding, facilitating broader strategic expansion across Bangladesh.
- 2022-2024: Operational expansions led to the establishment of a massive logistics network, branded as REDX, covering nationwide last-mile delivery services.
Current Work and Impact
As of 2025, Afeef Zaman leads the SILQ Group, formed through the merger of ShopUp and Sary. Under his leadership, the group aims to harness a trade corridor predicted to become one of the world’s largest, enhancing economic interconnectivity between the Gulf and South Asia. Zaman's focus remains on leveraging digital platforms to empower SMEs, fueling innovation in embedded financial products, and expanding logistical networks to optimize commerce efficiencies.
ShopUp Products List
ShopUp's product offerings are categorized to serve various retail and logistical needs:
- Mokam: A B2B commerce platform linking local retailers with wholesalers.
- REDX: The logistics arm ensuring nationwide delivery capabilities.
- Briddhi: Focused on financial empowerment for underserved communities.
Conclusion
Afeef Zaman's endeavors with ShopUp have highlighted significant strides in creating accessible digital platforms for small retailers in Bangladesh. His leadership in establishing the SILQ Group promises to enhance the digital commerce landscape beyond South Asia, positioning him as a prominent figure in advancing regional economic integration.