Funding Roundup: Fresh Funds Raised by Solv, ShopUp, Nautical Commerce and Others

Jul 01, 2022

It has been an exceptional week for startups in the e-commerce, logistics and supply chain space. In this week’s Ecosystem Funding Roundup, we are thrilled to feature 6 of their outstanding achievements:

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Solv Series A Funding 

Solv, a marketplace for small businesses, has raised $40M in a round of Series A funding led by Japan-headquartered SBI Holdings. Solv offers a full-stack, technology-led e-commerce platform for small buyers and sellers to build a strong trade network through a trusted ecosystem. The new funds will be used to launch Solv’s additional high-margin product categories and expand to more than 300 cities across India. 

  • Year Founded: 2019

  • Founders: Nitin Mittal

  • Location: Bangalore, India

  • Latest Funding: $40M Series A

  • Lead Investors: SBI Holdings 

ShopUp Series B Funding 

Bangladesh-based B2B commerce firm ShopUp has raised $65M in a follow-on Series B funding round led by Valar Ventures. ShopUp provides services such as sourcing, logistics and financial services to micro, small and medium enterprises through its mobile-first digital platform and last-mile logistics service. This fresh funds will allow ShopUp to continue to grow its digitization strategies, solving inefficiencies of traditional supply chain, logistics, and finance.

  • Year Founded: 2017

  • Founders: Afeef Zaman

  • Location: Dhaka, Bangladesh

  • Latest Funding: $65M Series B

  • Lead Investors: Valar Ventures

Arzooo Series B Funding 

India's largest and fastest-growing retail tech start-up, Arzooo, bagged $70M in Series B funding as it looks to scale its retail platform across the South Asian markets. Founded in 2018, the company has onboarded 30,000 physical retail stores in 22 states and offers them access to a wide range of inventory to help them better compete with e-commerce giants such as Amazon and Flipkart.

  • Year Founded: 2018

  • Founders: Rishi Rathore, Khushnud Khan

  • Location: Bengaluru, India 

  • Latest Funding: $70M Series B

  • Lead Investors: SBI Investment, Trifecta Leaders Fund

Nautical Commerce Series A Funding 

Nautical Commerce, a technology provider for building and simplifying e-commerce marketplaces, has recently secured $30M in  Series A funding. The funds will go towards technology development and upgrading of capabilities such as engineering, product, customer success as well as team expansion efforts over the next 18 months. 

  • Year Founded: 2020

  • Founders: Ryan Lee

  • Location: New York, United States

  • Latest Funding: $30M Series A

  • Lead Investors: Drive Capital

YUNLSP Series B Funding

Headquartered in Suzhou China, Yun Logistics Technology (YUNLSP) has raised $14.9M in the latest Series B funding round. Started as a platform for logistics information in 2015, YUNLSP now provides tools for visualizing, analyzing and integrating information and data to provide early warning functions to freight forwarders. The company strives to add more supply chain functions and optimize shipping schedules with the newly injected funds. 

  • Year Founded: 2015

  • Founders: Jonas Jin

  • Location: Suzhou, China 

  • Latest Funding: $14.9M Series B

  • Lead Investors: EWTP Capital

Turno Equity Funding 

Turno, an electric vehicle (EV) startup based in India, has raised $3.1M in venture capital funding led by Stellaris Venture Partners. Founded in April 2022, Turno is a fintech player that enables small and medium-sized enterprises (SMEs) and individuals to select the right EVs for their needs. The newly raised capital will help Turno to ramp up its technology vertical as well as grow its team so as to expand its footprint to more than 5 cities in the coming month. 

  • Year Founded: 2022

  • Founders: Hemanth Aluru, Sudhindra Reddy

  • Location: Bengaluru, India

  • Latest Funding: $31M Equity Funding 

  • Lead Investors: Stellaris Venture Partners

Kudos to all the companies mentioned and we are looking forward to witnessing your growth in the months to come!

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