PriyoShop Raises US$5 Million to Digitalize Distribution Infrastructure for MSMEs in Bangladesh
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- - নিউজ রুম -
- এডিটর --
- 20 February, 2024
PriyoShop, Bangladesh’s leading B2B retail marketplace for MSMEs, today announced the completion of a US$5 million Pre-Series A round of financing led by Century Oak Ventures, with participation from Evolution Ventures, Iterative, SOSV (Orbit Startups), GFR Fund, BonBillo, Accelerating Asia, South Asia Tech Partners, and Voltity. Participating investors came from San Francisco, Dubai, Indonesia, Thailand, Africa, and India—with many choosing to invest in Bangladesh for the first time, marking a significant milestone for the country’s startup ecosystem. With this round of financing, PriyoShop will roll out transformative retail supply chain solutions designed to benefit businesses across various sectors.
Launched in July 2021, PriyoShop is Bangladesh’s leading B2B retail marketplace for Micro, Small and Medium-sized Enterprises (MSMEs)—working with small retail shops and major brands to transform and modernize Bangladesh’s retail supply chain. Through the company’s robust asset-light marketplace model, PriyoShop helps small businesses efficiently source goods, gain access to consistent and competitive prices, and rapidly receive goods through next-day delivery. In doing so, PriyoShop helps MSMEs dramatically increase their business margins. Through the company’s partnership with digital financing platform LankaBangla Financing, PriyoShop is further able to help MSMEs scale up their businesses through tailored credit facilities and access to supply chain financing options.
PriyoShop offers exclusive partnerships with brands and suppliers, helping them digitalize logistics support, streamline operations, expand nationwide access throughout Bangladesh, and adopt full-stack digital infrastructure to manage their supply chains. Partner brands and suppliers can utilize PriyoShop Distribution Services to handle a diverse range of products, including consumer goods, electronics, fashion items and more. To date, PriyoShop has partnered with over 200+ major brands, including Pusti, Rupchanda, Teer, New Zealand Dairy, Pepsico, Coca-Cola and many more. The company is also expanding into the food & beverage industry, streamlining supply chains for hotels, restaurants and cafes.
The PriyoShop team is led by co-founders Asikul Alam Khan (Chief Executive Officer) and Dipty Mandal (Chief Marketing Officer). The team launched PriyoShop during the height of the pandemic, after recognizing the massive gap between Bangladesh’s small mom-and-pop shop owners, and traditional retail industry players such as manufacturers, wholesalers, and distributors. With 97% of Bangladesh’s estimated US$200 billion in annual retail sales taking place through informal retailers, the majority of retail transactions typically occur at neighborhood shops. However, MSMEs face several challenges in daily operations, such as stockouts, inconsistent revenue, and inaccessibility to traditional financing—making it difficult for small businesses to grow and thrive. PriyoShop’s targeted solutions for MSMEs level the playing field, helping small businesses improve their operations and achieve greater success.
“This funding marks a pivotal moment for PriyoShop and validates our commitment to empowering MSMEs in Bangladesh. The capital will be strategically deployed to enhance our technology infrastructure, expand our reach, and introduce innovative solutions, including our financing services, helping us better serve MSMEs and retail partners,” said Asikul Alam Khan, Founder & CEO, PriyoShop. “We have made a great difference in the lives of small business owners over the past two years. At present, we have roughly 55,000 merchants on our platform, and we expect to positively impact over one million merchants in the coming year.”
With this round of financing, PriyoShop plans to enhance its technology infrastructure, while expanding its geographical reach and market penetration. Focused on improving the shopping experience for small enterprises, PriyoShop aims to revolutionize the operations of these businesses by seamlessly merging finance and technology. In doing so, PriyoShop is able to facilitate easy procurement for small companies, ultimately ensuring their success in the market.
“We are thrilled to support PriyoShop in their current funding round, as we are impressed by the team’s robust business model and strong execution,” said Quoc Phong Dang, CEO, Century Oak Ventures.
“PriyoShop's customer-centric approach and relentless execution have enabled the company to emerge as a leading player in a competitive space. Team SOSV is proud and happy to be with PriyoShop,” said Oscar Ramos, Managing Director, Orbit Startups.
"We are excited to continue investing in PriyoShop. Its asset-light model is uniquely positioned to transform the informal retail sector in Bangladesh," said Brian Ma, General Partner, Iterative.
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