Published on 12:00 AM, November 06, 2020

PriyoShop raises fresh funds from Singapore

Local e-commerce platform PriyoShop recently raised an undisclosed amount through funding, which will be used to scale up the company's operations and encourage other micro, small and medium enterprises (MSMEs) to go digital.

The investment was made by various investors and business entities based in Singapore.

This includes Shoko Suzuki, managing director of Habourfront Venture; James Ang, chief partner officer of Dropbox; the Business Angel Network of Southeast Asia (BANSEA), a leading angel network in the region, and Accelerating Asia, a regional network of startup programmes.

"Now, our focus is on improving the e-commerce ecosystem in rural areas, creating new entrepreneurs and bringing the existing ones online so that they flourish further," Asikul Alam Khan, founder and CEO of PriyoShop, told The Daily Star yesterday.

"The fund will also be utilised to improve e-commerce supply chain management," he added.

Many people in Bangladesh, especially those living in rural areas, need assistance to access the internet.

And so, PriyoShop will use this money to undertake certain initiatives, such as facilitating the shift online for handloom sari weavers in Tangail.

"Bangladesh offers immense opportunities for investors comfortable with risk. We see opportunities in the digitalisation of traditional industries and solving inefficiencies in service and product delivery," said Craig Bristol Dixon, co-Founder and general partner at Accelerating Asia.

"That's where PriyoShop comes in. We've seen them considerably expand their product line and market share since joining our portfolio," he added.

The local e-commerce market, particularly in the rural areas, is still relatively untapped but according to BANSEA projections, there will be good growth in a short span of time, the leading angel network said in a statement.

PriyoShop has built a strong brand presence and last mile distribution network through its unique model of working with small retailers.

"This is an exciting way to bridge the digital divide and accelerate the adoption of e-commerce," the statement said. 

Launched in 2013, the platform received over secured angel funding of Tk 4.5 crore in 2018 from Sonia Bashir Kabir, managing director of SBK Tech Venture, and from a few other angel investors in 2019.

It now makes over 4,000 deliveries per day to 64 districts, a 100 per cent increase from the number of deliveries made during the pre-pandemic time, when it stood at about 2,000.

PriyoShop connects brands and suppliers with small merchants and consumers through a digitally managed platform, BANSEA added.