ShopBack—E-commerce product consumption cashback platform

What is ShopBack?

ShopBack mainly provides users with e-commerce product consumption cashback services through its platform, and also provides consumption cashback in categories such as travel reservations, fashion products, beauty and health care, groceries and food delivery.

The ShopBack platform has covered seven major Asia-Pacific markets, including Malaysia, Singapore, Indonesia, the Philippines, Thailand, Taiwan, and Australia, serving 19 million people, and has R&D centers in Singapore, Taiwan, and Vietnam. The platform said it is seeking cooperation with Uniqlo and Apple, and is expected to launch related services in Malaysia by the end of this month.

ShopUp helps street shops connect directly with suppliers and provides delivery support, as well as working capital, which is what small shops value most. E-commerce is still in its infancy in Bangladesh, and ShopUp has no intention of becoming the Taobao or Amazon of Bangladesh.

ShopBack’s development history:

In February 2020, Indian fashion e-commerce company Voonik announced that it had merged with ShopUp to jointly create Bangladesh's first unicorn company.

The number of stores achieving weekly transactions on the ShopUp platform increased 8.5 times between April and August 2020. The epidemic has enabled more stores to learn about ShopUp, move their businesses online, and use ShopUp's delivery services.

In October 2020, ShopUp announced that it had received $22.5 million in a round of financing co-led by Sequoia India and Flourish Ventures. Veon Ventures, Speedinvest and Lonsdale Capital also participated in the investment. Since its establishment four years ago, ShopUp has received a total investment of approximately $28 million.

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