Bangladesh’s biggest full-stack B2B commerce platform ShopUp and Sary, a B2B marketplace and services platform in the Gulf, have merged to form SILQ Group, creating the largest B2B commerce platform connecting the Gulf and Emerging Asia.
The merger was backed by a $110-million funding round led by Sanabil Investments, a company wholly owned by Saudi Arabia’s Public Investment Fund (PIF) and Peter Thiel’s Valar Ventures.
This marks Sanabil’s first-ever investment in South Asia, marking a step forward in economic connectivity between Saudi Arabia and Bangladesh as trade between the countries of the Gulf Cooperation Council (GCC) and Emerging Asia increases.
SILQ is also backed by Flourish Ventures, VSQ, MSA Capital, Rocketship VC, STV, Wafra Investment (owned byKuwait PIFSS), Peak XV, Prosus, Tiger Global, Endeavor Catalyst, and Raed Ventures.
The deal was an all-stock transaction, and the VC backers did not make an exit, according to SILQ’s Group CFO Vashistha Maheshwari.
Both the ShopUp and Sary brands will continue to operate in their respective geographies under their respective brand names post-merger while leveraging SILQ’s enhanced infrastructure, combined capabilities, and shared resources.
Additionally, the group will launch SILQ Financial, a dedicated financing arm focused on advancing innovations in SME funding.
ShopUp’s founder and CEO, Afeef Zaman, will serve as SILQ Group’s CEO. Sary’s founder and CEO, Mohammed Aldossary, will lead SILQ Financial as the CEO.
“Through this merger, we’re entering what’s set to become one of the world’s largest trade corridors—projected to reach $682 billion. We’re in the front seat to serve some of the most exciting, fast-growing economies that are set to shape global consumption in the coming decades, giving them greater access to products from around the world,” said Afeef Zaman, CEO of SILQ Group.
“By merging our strengths, we’re not just expanding our reach – we’re revolutionising how digital commerce serves merchants across the GCC and Emerging Asia. This union brings together the best of both worlds: deep regional expertise and world-class technology to empower every business in our ecosystem. All of this is in service to SMEs that have traditionally been an underserved and untapped community, despite their significant contributions to their respective markets,” said Mohammed Aldossary, CEO of SILQ Financial.
ShopUp and Sary have collectively served over 600,000 retailers, hotels, restaurants, cafes, and wholesalers, impacting tens of millions of customers in mom-and-pop shop communities.
Taken together, they have processed over $5 billion of transactions on their platforms to date, including more than $750 million of financial disbursements. To date, both entities have facilitated more than 100 million shipments.
