In a move that signals its maturity and ambition, ShopUp, the largest full-stack B2B commerce platform in Bangladesh, has appointed veteran banker and former PwC Bangladesh Managing Partner Mamun Rashid as its new president. First reported by The Daily Star, this is a significant development in Dhaka’s startup scene, indicating the ecosystem is maturing fast.
The appointment indicates that ShopUp is transitioning to a different operational rhythm and seeking strategic and operational maturity.
ShopUp claims it currently reaches 3.1 crore people in Bangladesh through its network of mom-and-pop shops and aims to scale that number to eight crore people by 2026. ShopUp is one of the top-funded companies in Bangladesh with over $229 million in disclosed investment from marque global investors. Last year, the company raised $30 million in debt financing.
ShopUp's business model is centered around creating a seamless network that connects mills and manufacturers with small neighborhood shops, facilitating the distribution of food and essentials.
The company operates through three platforms: Mokam, REDX, and Onkur. Mokam is a B2B commerce platform that helps small businesses source products at fair prices. REDX is ShopUp's logistics service. Onkur, ShopUp's financing platform, provides fintech solutions for CMSMEs and agri-businesses. The goal is to offer a comprehensive platform that provides sourcing, logistics, and financing solutions for small businesses in Bangladesh.
The appointment of Mamun Rashid as president is an important strategic move for ShopUp. The move indicates the company is going through a strategic transition and looking to mature its operation. The company says Rashid will help the company unlock new avenues for capital and nurture a high-performance culture.
Rashid is highly regarded in Bangladesh’s business and policy scene and brings with him a wealth of experience spanning 37 years in the banking and research sectors, having served in leadership roles in both local and international firms such as PwC, Citibank N.A., Standard Chartered, and ANZ Grindlays Bank. This experience positions him well to navigate ShopUp's strategic partnerships, both locally and globally, as the company seeks to find its next round of growth and build operational muscle.
If the collaboration goes well, Rashid's appointment as president of ShopUp carries significant implications for the company's future trajectory. Here are three key aspects to consider:
Strategic Partnerships and Capital Raising: With his extensive network and experience in the financial sector, Rashid is well-positioned to facilitate strategic partnerships and unlock new avenues for capital. This could prove crucial as ShopUp pursues its ambitious growth targets.
Operational Excellence and High-Performance Culture: One of Rashid's primary focus areas will be nurturing a high-performance culture in ShopUp. His expertise in operational excellence and leadership in various organizations could prove invaluable in bringing operation stability in the company, streamlining processes, optimizing workflows, and fostering a culture of innovation and continuous improvement.
3. Global Ambitions: Rashid's stated goal of putting ShopUp on the global map aligns with the company's aspirations for international expansion. With his experience in multinational corporations and his understanding of global markets, Rashid could play a pivotal role in shaping ShopUp's international strategy, identifying potential markets for expansion, and navigating the complexities of cross-border operations.
Afeef Zaman, the founder and CEO of ShopUp, has expressed enthusiasm about Rashid's appointment, recognizing the value his wealth of experience and dedication to excellence will bring to the company's next phase of growth.
ShopUp aims to disrupt traditional distribution channels and leverage technology to connect mills, manufacturers, and small shops. The road ahead is going to be both exciting and challenging for the company. We’ll be closely following what it does next.
