ShopUp Expands Fish Distribution Network with Major Investment in Feni
ShopUp's specialized fish distribution arm, Mokam Fish, has launched operations in the Muhuri Project area of Feni, Bangladesh, a significant freshwater fish production zone. This expansion aims to bolster the company's business and supply network across the Chittagong region. Mokam Fish has invested over 100 million BDT (Bangladeshi Taka) to establish a new collection and distribution center, which will enhance fish procurement and supply to the regions of Feni, Cumilla, Chittagong, Noakhali, and Lakshmipur. The initiative is designed to expedite the collection of fish from farmers and ensure efficient delivery to wholesale and retail markets.
The Muhuri Project area, spanning approximately 20,000 acres across parts of Mirsarai in Chittagong and Feni districts, is home to around 5,000 fish farmers. This region has the potential to produce about 100,000 metric tons of fish annually, fulfilling roughly 70% of the freshwater fish demand in the Chittagong region. Mokam Fish plans to focus on popular freshwater varieties such as Rui, Catla, Mrigal, Carp, Tilapia, and Koi, sourcing them directly from farms. The company anticipates selling approximately 100 million BDT worth of fish monthly from this new hub, leveraging the substantial demand in Chittagong.
Mohammad Hasan Julkarnain, Head of Business at Mokam Fish, highlighted that the new operations will lead to a more efficient and reliable supply chain, fostering direct engagement with farmers and local stakeholders to expand market reach. Mokam Fish currently facilitates over 1.21 billion BDT in monthly fish sales through its network, supporting over 6,000 direct and indirect jobs, particularly in the Pangas fish trade. The initial investment for this new hub, focused on strengthening the supply chain and local infrastructure, amounts to 14 million BDT. Mokam Fish operates on a principle of direct procurement from farmers without intermediaries, ensuring fair weights, prices, and timely payments. ShopUp, a B2B commerce platform connecting businesses with supply, logistics, and digital infrastructure, is part of the regional B2B commerce and fintech ecosystem 'Silk', formed through the merger of ShopUp and Saudi Arabian company Sarie.
This strategic investment by ShopUp in Bangladesh's freshwater fish market, particularly in the resource-rich Muhuri Project area, signals a move towards vertical integration and supply chain optimization. By establishing a direct presence, Mokam Fish aims to reduce inefficiencies and potentially increase profit margins by bypassing intermediaries, a common challenge in agricultural supply chains. The company's commitment to fair pricing and timely payments could foster stronger relationships with local farmers, enhancing supply stability and quality. This initiative aligns with broader trends in B2B commerce platforms seeking to create robust ecosystems by controlling key aspects of their value chains. The expansion into a region known for significant fish production suggests a calculated effort to capture a larger share of a substantial market, driven by the growing demand for freshwater fish in the Chittagong region. Future success will likely depend on managing logistical complexities, ensuring consistent quality, and navigating the competitive landscape of fish distribution.
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