ShopUp: 10 Key Things You Must Know

Overview

ShopUp is a highly prominent B2B commerce platform that operates across Bangladesh and has recently expanded its reach through strategic mergers and funding. Initially established to support small businesses selling via Facebook, ShopUp has grown into a comprehensive service provider offering commerce, logistics, and credit facilities. With its user-friendly digital platform, the company has enhanced business connectivity and operational efficiency for numerous small and medium-sized enterprises. As you delve into this article, you'll explore ShopUp’s innovative journey, strategic expansions, and future prospects in the B2B commerce landscape.

1. Foundation and Growth

ShopUp was founded in 2017 in Dhaka, Bangladesh, by Afeef Zaman and Ataur Rahim Chowdhury. Initially, ShopUp catered to the operational needs of small businesses engaged in Facebook commerce (f-commerce). The platform automated order management and offered logistical support, helping small enterprises overcome credit and supply chain challenges. This strong foundation enabled ShopUp to expand into more comprehensive B2B services.

2. Expanding Services: Mokam and REDX

In 2019, ShopUp launched Mokam, a B2B commerce platform designed to simplify inventory procurement for neighborhood shops. Following this, in 2020, ShopUp introduced REDX, its dedicated logistics service. REDX provides crucial last-mile delivery solutions, helping businesses overcome traditional logistical hurdles, and reaches extensive networks across the districts of Bangladesh.

3. Financial Access: Baki Service

Complementing its commerce and logistics services, ShopUp launched Baki in 2020—a financial service embedded within the Mokam platform. Baki offers working capital financing, allowing small business owners to purchase inventory on credit. This service directly addresses cash flow challenges faced by SMEs, ensuring smoother business transactions and enhancing growth opportunities.

4. Strategic Acquisitions and Partnerships

One significant milestone in ShopUp's journey was the acquisition of the B2B aspects of India’s Voonik in 2020. This move brought together essential technological assets and experienced talent, bolstering ShopUp's capabilities in B2B e-commerce. The company also collaborated with microcredit institutions like BRAC to facilitate credit access for small businesses.

5. Impressive Financial Backing

ShopUp has garnered substantial financial backing from notable investors like Valar Ventures and Flourish Ventures. By 2021, ShopUp had raised over $110 million through various funding rounds, becoming a champion of structured financial growth in South Asia's B2B commerce industry. These investments have enabled the company to scale rapidly, enhance technology infrastructure, and reinforce its presence across Bangladesh.

6. Expansion Plans and Future Prospects

ShopUp announced plans to extend its distribution hubs to 700 locations by December 2025 as part of its expansion strategy. Concurrently, the company aims to strengthen its market position by further integrating its logistics and financial services, thus promoting efficiency and value in emerging markets.

7. Merger with Sary into SILQ Group

In April 2025, ShopUp merged with Sary, a Gulf-region B2B platform, forming SILQ Group. This merger created one of the largest cross-regional B2B commerce platforms, targeting booming markets in the Gulf and emerging Asia. Backed by $110 million from leading investment firms, SILQ Group is set to redefine regional trade dynamics with its integrated commerce, logistics, and financial services.

8. Addressing SME Needs and Impact

ShopUp's business model focuses on addressing crucial infrastructure gaps, such as credit access and efficient logistic networks for SMEs. By empowering small businesses through its integrated service offerings, ShopUp plays a significant role in driving economic growth and innovation, supporting the foundational sectors of regional economies.

9. Technological Innovation and Customer Reach

With platforms like Mokam and REDX, ShopUp has significantly advanced in integrating technology with commerce. These platforms not only simplify business processes but also enhance customer engagement, logistics, and on-the-go credit facilities, ultimately expanding its reach to millions across Bangladesh.

10. Contributing to a Thriving Ecosystem

The company’s growth trajectory and strategic positioning aim to contribute to a thriving economic ecosystem. By leveraging its robust network and innovative solutions, ShopUp is set to redefine commerce for small businesses, further establishing its leadership in the B2B space across the regions it operates in.

Conclusion

ShopUp's evolution from a small Facebook commerce facilitator to a cross-regional B2B powerhouse testifies to its strategic vision, innovative use of technology, and ability to meet market demands. As it merges into SILQ Group and continues its expansion into new markets, ShopUp is poised to shape the future of B2B commerce in emerging economies. With a focus on seamless integration of commerce, logistics, and financial services, ShopUp serves as an exemplary model of growth and impact in the digital age.