PriyoShop raises $5m in pre-Series A funding round

The financing will help the company upgrade its tech infrastructure for its users.

Bangladesh-based e-commerce platform PriyoShop has raised $5m in a pre-Series A funding round led by Century Oak Ventures.

With the funding, PriyoShop has planned to upgrade its technology infrastructure for users and expand to new markets.

The financing will also help initiate transformative retail supply chain solutions to assist micro, small and medium-sized enterprises (MSMEs) in their respective sectors, making financial options and value-added services available.

PriyoShop sees this as one of its initiatives to modernise its operations by merging finance and technology, concentrating on providing an optimised shopping experience for small enterprises.

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“We have made a great difference in the lives of small business owners over the past two years. The capital will be strategically deployed to enhance our technology infrastructure, expand our reach, and introduce innovative solutions, including our financing services, helping us better serve MSMEs and retail partners,” Asikul Alam Khan, Founder and CEO of PriyoShop, said.

Currently, PriyoShop has over 55,000 merchants on the platform, with over 1 million more expected to be added this year. It has also formed exclusive partnerships with over 200 brands and suppliers, setting expansion into the food and beverage industry.