Sony Pixel Power calrec Sony

VEON acquires strategic stake in Bangladesh's leading full-stack B2B commerce platform, ShopUp

21/10/2020

20 Oct 2020

VEON acquires strategic stake in Bangladesh's leading full-stack B2B commerce platform, ShopUp Investment expands VEON's fintech reach into SME commerce

Amsterdam, 20 October 2020 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), through VEON Ventures, has joined Sequoia Capital India and Flourish Ventures as investors in ShopUp, Bangladesh's leading full-stack B2B commerce platform for small businesses, becoming ShopUp's first strategic corporate investor.

The investment enables VEON Ventures to support ShopUp's fast-growing digital ecosystem for micro, small and medium-sized enterprises (MSMEs), which form a vital backbone of Bangladesh's economy, as well as providing significant opportunities for developing mobile financial services for ShopUp's users.

As Bangladesh's leading full-stack B2B commerce company, ShopUp provides B2B sourcing, logistics and financial services to MSMEs through its mobile-first digital platform and market-leading last mile logistics service, RedX. ShopUp is already used by a large portion of Bangladeshi local businesses, helping neighbourhood shops and online sellers overcome the supply chain challenges of Bangladesh's highly fragmented wholesale, retail and distribution channels.

ShopUp's embedded financial services product provides MSMEs with access to digital credit through partnerships with leading local financial institutions, broadening financial inclusion to communities of small businesses that often lack access to basic banking services.

Sergi Herrero, VEON's co-CEO, said: Our investment in ShopUp offers VEON Ventures a fantastic opportunity to back one of the leading digital players in a strategic market for VEON and one of the world's fastest growing economies. By combining VEON's expertise in digital financial services with ShopUp's unique sourcing and logistics capabilities, we look forward to serving the business needs of Bangladesh's vibrant MSME community while helping to promote financial inclusion throughout the nation's millions of small business owners.

Afeef Zaman, co-Founder and CEO of ShopUp, said: We knew we would witness massive adoption of the internet and technology by Bangladesh's small businesses and founded ShopUp because we wanted to play our part in redefining the nation's growth story through this transformation. COVID-19 makes this shift even more critical for Bangladesh's smaller businesses as supply chain pressures intensify. An investment from a leading international digital player such as VEON is an important step in our ongoing support of the MSME community, allowing us to increase our reach with retailers, suppliers and manufacturers.

VEON's investment was led by the VEON Ventures division, which pursues investment opportunities across digital assets and businesses with the ability to scale VEON's capabilities in mobile financial services, adtech and next-generation media content in order to enrich the experience of VEON's 205 million customers worldwide.

VEON's investment in ShopUp was made alongside Flourish Ventures and Sequoia Capital India. Both investment firms co-led the current investment round for ShopUp, with additional participation from Speedinvest and Lonsdale in what is the largest Series A round of its kind for a Bangladeshi start-up.

About VEON and ShopUp

VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services. For more information visit: www.veon.com.

ShopUp is Bangladesh's leading full-stack B2B Commerce platform for small businesses (neighbourhood shops and online sellers). We provide easy access to B2B sourcing, last-mile logistics, digital credit and business management solutions. To know more about our work, visit www.shopup.com.bd.

Disclaimer

This release contains forward-looking statements, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, the potential benefits of the transaction described above. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.

This website stores cookies on your computer. These cookies are used to improve vour website experience and provide more personalized services to you, both on this website and through other media. To find out more about the cookies we use, see our Privacy Policy

We wont track your information when you visit our site. But in order to comply with your preferences, well have to use just one tiny cookie so that youre not asked to make this choice again.

AcceptDecline
LINK: https://www.veon.com/media/media-releases/2020/veon-acquires-strategic...
See more stories from vimpel

Most recent headlines

05/01/2027

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be demoed at CES 2026

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...

09/10/2026

Dolby Expands Dolby OptiView Platform with New Capabilities at IBC 2026

September 10 2026, 06:00 (PDT) Dolby Expands Dolby OptiView Platform with New Capabilities at IBC 2026 New Sports Intelligence helps providers better unders...

07/10/2026

Dalet Flex LTS Delivers Smarter Media Operations from Ingest to Distribution

Dalet, a leading technology and service provider for media-rich organizations, today announced the latest Long-Term Supported (LTS) release of Dalet Flex. Build...

29/09/2026

Netflix Deploys Advanced Sony PTZ Cameras For Wonka's The Golden Ticket' Production

Share Copy link Facebook X Linkedin Bluesky Email...

29/09/2026

Massachusetts Broadcasters Association Names Gene Lavanchy 2026 Broadcaster of the Year

Share Copy link Facebook X Linkedin Bluesky Email...

29/09/2026

ESPN Reports Its Most-Watched WNBA Regular Season

Share Copy link Facebook X Linkedin Bluesky Email...

29/09/2026

Scripps Taps Digital News Veteran Sean McGarvy to Lead News Strategy

Share Copy link Facebook X Linkedin Bluesky Email...

29/09/2026

Gray Raises Political Ad Revenue Estimates

Share Copy link Facebook X Linkedin Bluesky Email...

29/09/2026

Edward Czarnecki Uses Game Theory to Assess ATSC 3.0 Transition Policies

Share Copy link Facebook X Linkedin Bluesky Email...

29/09/2026

First Baptist Nashville Drastically Upgrades Production C...

Clear-Com announced that First Baptist Nashville has upgraded its production communications with a Clear-Com intercom solution as part of a comprehensive sanct...

29/09/2026

Blackmagic Cinema Camera 6K Captured Action Shots for Sketch

Blackmagic Cinema Camera 6K Captured Action Shots for Sketch Brie Clayton September 28, 2026 0 Comments Camera's portable design and dynamic range...

29/09/2026

Kean Production Services Deploys AJA ColorBox to Deliver Consistent, Accurate Color Across In-venue Displays at Live Events

Kean Production Services Deploys AJA ColorBox to Deliver Consistent, Accurate Co...

29/09/2026

Berklee Alumni and Faculty Nominated for the 2026 Latin Grammy Awards

Berklee Alumni and Faculty Nominated for the 2026 Latin Grammy Awards A total of 28 Berklee alumni and faculty earned nominations across 20 categories this ye...

29/09/2026

Berklee's K-Pop & Beyond Explores Connections Between K-Pop and Hip-Hop

Berklee's K-Pop & Beyond Explores Connections Between K-Pop and Hip-Hop Now in its fifth year, the series brings together artists, industry leaders, and s...

28/09/2026

NHL Names Adobe as an Official Creative, Marketing and AI Partner

The NHL has announced Adobe as an Official Creative, Marketing and AI Partner beginning with the 2026-27 season. The partnership will provide the league and its...

28/09/2026

MultiDyne to Showcase Expanded Portfolio Including MRMC Robotics at CABSAT 2026

MultiDyne will exhibit at CABSAT 2026 (October 5-7, Dubai Exhibition Centre), showcasing an expanded technology portfolio following its June 2026 acquisition of...

28/09/2026

ARRI and HONOR Launch Co-Branded HONOR Magic9 Pro Max

ARRI and HONOR have announced the HONOR Magic9 Pro Max, a flagship smartphone carrying ARRI branding on the device and packaging as the first product-level expr...

28/09/2026

Net Insight Adds Nimbra 1020G to Pan-Asian Live Media Trial Network

Net Insight has added the Nimbra 1020G to its pan-Asian live media trial network, giving customers and partners in the region a way to evaluate ST 2110 and JPEG...

28/09/2026

Vindral Named Recipient of 2026 Technology and Engineering Emmy Award

Vindral has been named a recipient of a 2026 Technology and Engineering Emmy Award by the National Academy of Television Arts and Sciences in the category of We...

28/09/2026

Interra Systems to Demonstrate QC and Monitoring Portfolio at CABSAT 2026

Interra Systems will exhibit at CABSAT 2026 (Stand B2-37, Dubai Exhibition Centre, October 5-7), demonstrating its BATON QC platform, ORION monitoring solutions...

28/09/2026

PGA TOUR's Michael Raimondo on Agentic Production, ShotLink Automation, and the Evolution of PGA TOUR Studios

Two years into its new production facility, the TOUR is expanding centralized wo...

28/09/2026

Game Creek Videos Epic Building Run Continues With ESPNs Countdown Unit, Upgrades to Four Others

In addition to rolling out a new mobile unit for ESPN's Monday Night Countd...

28/09/2026

Bleacher Report and WWE Reach Multi-Year Global Content Partnership

Bleacher Report and WWE have announced a multi-year content partnership giving Bleacher Report global highlight rights across WWE's programming slate, inclu...

28/09/2026

Behind The Mic: NBC Sports Shares MLB Wild Card Series Announcing Booth; ESPN Reveals NHL 26-27 Season Talent

Behind The Mic provides a roundup of recent news regarding on-air talent, includ...

28/09/2026

Fubo Adds Four NHL Regional Sports Networks for 2026-27 Season

FuboTV has announced a multi-year distribution agreement with the NHL to carry four regional sports networks covering the Carolina Hurricanes, Columbus Blue Jac...

28/09/2026

Program Productions Names Alan Ostfield President and CEO

Program Productions (PPI) has announced the appointment of Alan Ostfield as President and Chief Executive Officer, effective September 28, 2026. Ostfield succee...

28/09/2026

Ha-chan, Shake Your Booty! Encourages Us to Keep Dancing

Director Josef Kubota Wladyka attends the premiere of Ha-Chan, Shake Your Booty! with the film's cast and crew at Eccles Theatre on January 22, 2026, in P...

28/09/2026

Scaler Music introduce Scaler EQ Pro

EQ plug-in can now be played via MIDI Scaler Music have recently released a new and improved version of their patented musical EQ plug-in, kitting it out wi...

28/09/2026

The Asura from Animal Factory Amps

New synth developed in collaboration with philterSoup Boutique effects pedal and Eurorack manufacturer Animal Factory Amps have announced that the new compa...

28/09/2026

Rohde & Schwarz adds an integrated multi-channel pulse analysis option to its FSWX signal and spectrum analyzer

Rohde & Schwarz adds an integrated multi-channel pulse analysis option to its FS...

28/09/2026

SBE Announces 2026 Ennes Scholarship Recipients

Share Copy link Facebook X Linkedin Bluesky Email...

28/09/2026

Spectrum to Demo AI Computing at the Network's Edge at SCTE TechExpo 26

Share Copy link Facebook X Linkedin Bluesky Email...

28/09/2026

Autoscript launches new Voice Controller prompting soluti...

Autoscript, the leading global provider of professional teleprompting solutions, today announced Voice Controller for WinPlus-IP, a new voice-controlled prompti...

28/09/2026

IBC 2026 Technical Conference Highlights

IBC 2026 Technical Conference Highlights David Kirk September 28, 2026 0 Comments Hero image courtesy Deposit Photos David Kirk reports from the 11-1...

28/09/2026

First Baptist Nashville Taps Clear-Com for Production Coms

Share Copy link Facebook X Linkedin Bluesky Email...

28/09/2026

IEEE Announces Award for Leadership in Developing HEVC/H.265

Share Copy link Facebook X Linkedin Bluesky Email...

28/09/2026

Nakadi Introduces Live to Theater Service Powered by Pate...

Nakadi, a global streaming technology innovator dedicated to engineering a new era of digital media delivery, today announced its Live to Theater service based ...

28/09/2026

Sky launches Full Fibre 1.6 Gbps for millions of homes

Monday 28 September 2026 Sky launches Full Fibre 1.6 Gbps for millions of homes Sky has launched a new Full Fibre 1.6 Gbps product, rolling out from today, gi...

28/09/2026

Arvato Systems Highlights Its Role for Automakers and Suppliers

Arvato Systems Highlights It's Role for Automotive Manufacturers and Suppliers TISAX Arvato Systems has successfully completed the TISAX Level 3 assess...

28/09/2026

Crimecall returns for a brand-new series

Crimecall, presented by Carla O'Brien, returns tonight for a brand new series at 9.35pm on RT One and RT Player. In tonight's episode, alongside appe...

28/09/2026

RT SHORT STORY COMPETITION 2026 - SHORTLISTED STORIES ANNOUNCED

CELEBRATING 40 YEARS AT THE HEART OF NEW IRISH WRITING LIVE FROM POETRY IRELAND, DUBLIN AND ON RT RADIO 1 FROM 7PM DETAILS: www.rte.ie/writing | FOLLOW: #r...

27/09/2026

Boss launch the EX-4 Effects Expander

New compact pedal packs in 120 effects The latest multi-effects pedal from Boss is a compact unit that promises to give any pedalboard a massive boost in s...

26/09/2026

ESPN Operations, Production Teams Plan for Every Scenario as WNBA Playoffs Tip Off

With short turnaround between game selections, ESPN's operations team is pla...

26/09/2026

Prime Video Scales Up for First WNBA Postseason, Adding Cameras, Analysts, Coach Mics, and NBA Mobile Units

Prime Video will use GCV's Bird and Magic mobile units for its inaugural WNB...

26/09/2026

NBC Sports Tips Off First WNBA Postseason in 20+ Years Using Sunday Night Basketball as a Production Baseline

Studio show moves on-site as network models playoff coverage on its NBA flagship...

26/09/2026

Ratings Roundup: Cowboys-Commanders Leads NFL Week 2 With 27.2 Million, College GameDay Posts Best Week 3 Ever

Ratings Roundup is a rundown of recent ratings news and is derived from press re...

26/09/2026

From Sketch to Strut, Unzipped Returns to the Sundance Film Festival at 30

Douglas Keeve attends the 2025 Sundance Film Festival screening of Unzipped at the Egyptian Theatre. (Photo by Andrew H. Walker/Shutterstock for Sundance Film...

26/09/2026

Native Instruments update Maschine

Launched alongside three new expansion packs In celebration of their 30th anniversary, Native Instruments have released a major update for their Maschine 3 ...

26/09/2026

YouTube Embraces Microdramas with Features for Episodic Shorts

Share Copy link Facebook X Linkedin Bluesky Email...

26/09/2026

Civil Rights Groups Urge Sen. Cruz to Delay Thumann Severs FCC Confirmation

Share Copy link Facebook X Linkedin Bluesky Email...