PriyoShop, a Bangladesh-based B2B retail marketplace dedicated to Micro, Small, and Medium-sized Enterprises (MSMEs), today announced a successful $5 million Pre-Series A financing round.
The investment was spearheaded by Century Oak Ventures and saw contributions from a diverse group of international investors including Evolution Ventures, Iterative, SOSV (Orbit Startups), GFR Fund, BonBillo, Accelerating Asia, South Asia Tech Partners, and Voltity.
This funding round is particularly noteworthy as it attracted investors from regions such as San Francisco, Dubai, Indonesia, Thailand, Africa, and India, many of whom invested in Bangladesh for the first time, signaling a significant boost to the country’s burgeoning startup ecosystem.
Launched in the midst of the global pandemic in July 2021, PriyoShop has quickly risen to prominence as the leading B2B retail marketplace in Bangladesh.
The platform is designed to revolutionize the traditional retail supply chain, providing small retail shops and major brands with a seamless marketplace to source goods efficiently, ensure competitive pricing, and guarantee rapid delivery services.
PriyoShop’s asset-light model has not only improved operational efficiencies for MSMEs but has also enhanced their profit margins significantly.
In collaboration with LankaBangla Financing, PriyoShop also offers tailored credit facilities and supply chain financing options, further enabling MSMEs to scale their operations. The platform boasts partnerships with over 200 major brands, venturing into the food and beverage industry to optimize supply chain solutions for a broader market segment.
The founders, Asikul Alam Khan (CEO) and Dipty Mandal (CMO), initiated PriyoShop with a vision to bridge the gap between small retail owners and the wider retail industry, addressing the challenges faced by MSMEs due to stockouts, inconsistent revenue, and limited access to traditional financing.
With the platform currently serving approximately 55,000 merchants, PriyoShop aims to impact over a million merchants in the coming year through its innovative technology and financial solutions.
This fresh infusion of capital will be strategically utilized to upgrade PriyoShop’s technological capabilities, expand its reach, and introduce new services, with a strong focus on improving the procurement process for small enterprises.
The funding not only underscores the confidence of the investment community in PriyoShop’s mission but also marks a critical milestone in the company’s journey towards revolutionizing the retail sector in Bangladesh.
Statements from investors such as Quoc Phong Dang of Century Oak Ventures, Oscar Ramos of SOSV (Orbit Startups), and Brian Ma of Iterative reflect their belief in PriyoShop’s customer-centric approach and asset-light business model as key drivers for transforming the informal retail sector in Bangladesh.
With this round of funding, PriyoShop is poised to further solidify its position as a leader in the market, creating a more inclusive and efficient retail ecosystem for MSMEs across the country. – PEVCJournal.com