{"id":23397,"date":"2024-02-20T11:33:57","date_gmt":"2024-02-20T05:33:57","guid":{"rendered":"https:\/\/bbf.digital\/new\/?p=23397"},"modified":"2024-02-20T11:33:57","modified_gmt":"2024-02-20T05:33:57","slug":"priyoshop-raises-us5-million-to-digitalize-distribution-infrastructure-for-msmes-in-bangladesh","status":"publish","type":"post","link":"https:\/\/bbf.digital\/new\/priyoshop-raises-us5-million-to-digitalize-distribution-infrastructure-for-msmes-in-bangladesh","title":{"rendered":"PriyoShop Raises US$5 Million to Digitalize Distribution Infrastructure for MSMEs in Bangladesh"},"content":{"rendered":"

PriyoShop, Bangladesh\u2019s 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\u2014with many choosing to invest in Bangladesh for the first time, marking a significant milestone for the country\u2019s startup ecosystem. With this round of financing, PriyoShop will roll out transformative retail supply chain solutions designed to benefit businesses across various sectors.<\/span><\/p>\n

Launched in July 2021, PriyoShop is Bangladesh\u2019s leading B2B retail marketplace for Micro, Small and Medium-sized Enterprises (MSMEs)\u2014working with small retail shops and major brands to transform and modernize Bangladesh\u2019s retail supply chain. Through the company\u2019s 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\u2019s 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.<\/span><\/p>\n

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.<\/span><\/p>\n

The PriyoShop team is led by co-founders <\/span>Asikul Alam Khan (Chief Executive Officer) <\/b>and <\/span>Dipty Mandal (Chief Marketing Officer)<\/b>. The team launched PriyoShop during the height of the pandemic, after recognizing the massive gap between Bangladesh\u2019s small mom-and-pop shop owners, and traditional retail industry players such as manufacturers, wholesalers, and distributors. With 97% of Bangladesh\u2019s 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\u2014making it difficult for small businesses to grow and thrive. PriyoShop\u2019s targeted solutions for MSMEs level the playing field, helping small businesses improve their operations and achieve greater success.<\/span><\/p>\n

\u201cThis 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,\u201d said<\/span> Asikul Alam Khan, Founder & CEO, PriyoShop. <\/b>\u201cWe 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.\u201d<\/span><\/p>\n

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.<\/span><\/p>\n

\u00a0\u201c<\/b>We are thrilled to support PriyoShop in their current funding round, as we are impressed by the team\u2019s robust business model and strong execution,\u201d said<\/span> Quoc Phong Dang, CEO, Century Oak Ventures.<\/b><\/p>\n

\u201cPriyoShop’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,\u201d said<\/span> Oscar Ramos, Managing Director, Orbit Startups.<\/b><\/p>\n

“We are excited to continue investing in PriyoShop. Its asset-light model is uniquely positioned to transform the informal retail sector in Bangladesh,” said<\/span> Brian Ma, General Partner, Iterative.<\/b><\/p>\n\n

\n\n\t\t\n
    \n\t\t\t <\/ul>\n <\/div> \n","protected":false},"excerpt":{"rendered":"

    PriyoShop, Bangladesh\u2019s 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, […]<\/p>\n","protected":false},"author":12,"featured_media":23399,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-23397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brand-broadcast-prs"],"yoast_head":"\nPriyoShop Raises US$5 Million to Digitalize Distribution Infrastructure for MSMEs in Bangladesh | BBF Digital<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bbf.digital\/new\/priyoshop-raises-us5-million-to-digitalize-distribution-infrastructure-for-msmes-in-bangladesh\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PriyoShop Raises US$5 Million to Digitalize Distribution Infrastructure for MSMEs in Bangladesh\" \/>\n<meta property=\"og:description\" content=\"PriyoShop, Bangladesh\u2019s 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. 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