In a landmark move for regional commerce, ShopUp, Bangladesh’s largest B2B commerce platform, and Sary, the Gulf’s leading B2B marketplace, have merged to create SILQ Group. This game-changing alliance unites Gulf and Emerging Asia to form the region’s most expansive B2B commerce platform, strategically positioned to serve some of the world’s fastest-growing consumer markets, said in press release.
Backed by a $110 million funding round led by Sanabil Investments – a wholly owned company of Saudi Arabia’s Public Investment Fund (PIF) – and Peter Thiel’s Valar Ventures, the funding includes both equity and a financing facility for SILQ Financial, the group’s new financial services arm.
Together, ShopUp and Sary have empowered over 600,000 retailers, restaurants, hotels, cafés, and wholesalers, reaching tens of millions of end customers through their platforms. To date, the combined network has facilitated $5 billion in transactions, disbursed over $750 million in embedded financing, and completed 100 million shipment, according to press release.
SILQ will integrate commerce, logistics, and financial services to help businesses increase operational efficiency and scale. While ShopUp and Sary will retain their brand identities in their respective markets, they will now operate under the broader SILQ infrastructure, unlocking shared capabilities across both regions.
Leadership Structure:
- Afeef Zaman, Founder & CEO of ShopUp, will become CEO of SILQ Group
- Mohammed Aldossary, Founder & CEO of Sary, will lead SILQ Financial as CEO
Investor Confidence
Key investors backing the merger include Flourish Ventures, MSA Capital, STV, Rocketship VC, Peak XV, Tiger Global, Prosus, Endeavor Catalyst, VSQ, Wafra Investment (Kuwait’s PIFSS), Raed Ventures, and new participant Qatar Development Bank, owned by the Government of Qatar. SILQ also plans to establish a strong presence in Qatar, expanding services to local SMEs.
With unmatched scale and visionary leadership, SILQ is primed to reshape how B2B commerce operates across continents—placing Bangladesh and the Gulf region at the center of a new era in global trade.
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