Accelerating Asia, Iterative back B2B retail marketplace PriyoShop’s US$5M round

PriyoShop, a B2B retail marketplace for MSMEs in Bangladesh, has completed its US$5 million pre-Series A round of financing led by Century Oak Ventures.

Evolution Ventures, Iterative, SOSV (Orbit Startups), GFR Fund, BonBillo, Accelerating Asia, South Asia Tech Partners, and Voltity also participated.

Also Read: How PriyoShop is revolutionising the B2B procurement process

With this financing, PriyoShop plans to enhance its technology infrastructure while expanding its geographical reach and market penetration. “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 Founder and CEO Asikul Alam Khan. “At present, we have roughly 55,000 merchants on our platform, and we expect to impact over one million merchants in the coming year positively.”

Launched in July 2021 by Khan and Dipty Mandal (CMO), PriyoShop works with small retail shops and major brands to transform and modernise the retail supply chain industry. Through its asset-light marketplace model, PriyoShop helps small businesses efficiently source goods, access consistent and competitive prices, and rapidly receive goods through next-day delivery. This helps MSMEs increase their business margins.

Through the company’s partnership with the digital financing platform LankaBangla Financing, PriyoShop can help MSMEs scale up their businesses further through tailored credit facilities and access to supply chain financing options.

PriyoShop offers partnerships with brands and suppliers, helping them digitalise 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 utilise PriyoShop Distribution Services to handle various products, including consumer goods, electronics, fashion items and more.

Also Read: Accelerating Asia on building a company culture that fosters innovation and inclusion

To date, PriyoShop has partnered with over 200 brands, including Pusti, Rupchanda, Teer, New Zealand Dairy, Pepsico, and Coca-Cola. The company is also expanding into the food & beverage industry, streamlining supply chains for hotels, restaurants and cafes.

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