ShopUp wants to be listed on NASDAQ
Total investment of 65 percent of Bangladeshi startup ShopUp comes from North America. To further increase this investment, this grocery store technology-based startup wants to be listed on the National Association of Securities Dealers Automated Quotations (Nasdaq) stock market.
Afeef Zaman, the founder and chief executive officer of ShopUp, said this at a knowledge sharing event titled 'Insight Exchange: Behind the Scenes of a Startup' held at a hotel in Gulshan in the capital on Sunday. ShopUp’s President Mamun Rashid, Chief Product Officer Ataur Rahim Chowdhury, Chief Business Officer Sujayath Ali and Chief Technology Officer Navaneetha Krishnan J were also present at this program.
The business progress of the ShopUp was highlighted in the event. The ShopUp has three business units. Through their Mokam, they are connecting retailers with product manufacturers. The company is providing transportation facilities through Redex unit. And they are working on launching a financial service to provide financial support to retail traders. Shopup first started their operations in 2019. In 2021 they managed to raise the most funds. In 2023, the shopup made an operating profit and their Mokam unit will be able to make a net profit by the end of this year.
Mamun Rashid president of ShopUp informed that the big companies of the country are now thinking of virtualizing the distribution system. Despite progressing a lot in the last six years, they face a big problem of not getting bank loans and financing in the country.
