B2B retail marketplace PriyoShop raised $5 M Series A funding from Century Oak Ventures
The $5 million Pre-Series A funding round led by Century Oak Ventures has been completed, according to PriyoShop, Bangladesh’s business-to-business (B2B) retail marketplace for micro, small, and medium-sized enterprises (MSMEs).
According to PriyoShop, in addition to Evolution Ventures, Iterative, GFR Fund, BonBillo, Accelerating Asia, South Asia Tech Partners, and Voltity, these investors also participated in the round.
A major turning point for Bangladesh’s startup ecosystem was reached, as many of the participating investors chose to make their first investments in the country. They came from San Francisco, Dubai, Indonesia, Thailand, Africa, and India, according to the statement.
PriyoShop plans to use the funds from this funding round to launch innovative retail supply chain solutions that will help companies in a range of industries.
PriyoShop intends to increase its market penetration and geographic reach in addition to improving its technological infrastructure with the funds raised in this round of funding.
With an emphasis on enhancing the small business shopping experience, PriyoShop seeks to transform these companies’ operations through the smooth integration of technology and finance.
By doing this, PriyoShop is able to make procurement simple for small businesses, which eventually guarantees their success in the marketplace.
“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 and Chief Executive Officer, 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,” he added.
PriyoShop, Bangladesh’s B2B retail marketplace for MSMEs, was established in July 2021 and collaborates with both large corporations and tiny independent retailers to modernize and revamp Bangladesh’s retail supply chain.
PriyoShop provides next-day delivery services to help small businesses procure goods quickly, get access to competitive prices, and manage their inventory effectively. The company’s asset-light marketplace model facilitates this process.
PriyoShop assists MSMEs in significantly boosting their profit margins by doing this.
PriyoShop provides brands and suppliers with exclusive partnerships that enable them to manage their supply chains by adopting full-stack digital infrastructure, digitizing logistics support, streamlining operations, and expanding nationwide access throughout Bangladesh.
