E-commerce start-up PriyoShop, located in Bangladesh, is aiming to fill its financial gap with $5 million.
According to the company, it has already received a soft commitment of US $1.5 million from its current investors and an unnamed venture capital firm in Singapore, according to Tech in Asia.
PriyoShop, a 2020 startup, organizes logistics in cities like Dhaka and Chattogram using its own vehicle and conducts commerce using its smartphone. The company claimed that shipment across the remainder of Bangladesh is then handled by independent logistics firms.
Asikul Alam Khan and Dipty Mandal founded PriyoShop. They manage a youthful group of 160 individuals together (the average age of employees is 27).
The firm had a 192x increase in orders during the past 16 months and a 327x increase in gross merchandise value (GMV). This improvement occurred roughly around the time the company’s founders converted PriyoShop from a B2C e-commerce initiative to an on-demand B2B marketplace.
“We don’t buy goods, we don’t carry inventory, and we don’t sell anything. Our only burn is for operations and salary,” Khan said.
The company recorded over 1.3 million goods supplied between July 2021 and October of this year, aiding in its $50 million US yearly GMV.
The firm claims that it would utilize a portion of the funding it is seeking to build buy now, pay later functionality into its platform. Furthermore, it plans to use the funds to expand its business and attract the 100,000 additional clients it has set as a goal.
PriyoShop received pre-seed investment from SBK Tech Venture before attempting to raise money in the bridge phase. This was followed by a seed round from Accelerating Asia, BANSEA, and Singapore-based angel investors.
Additionally, SOSV, Accelerating Asia, Asymmetry Ventures, Sabr Capital, South Asia Tech Partners, Flagship Venture, and other angel investors contributed additional initial investment to the project.
