Sary, the leading Saudi B2B ecommerce marketplace, and ShopUp, Bangladesh’s largest B2B commerce platform, have merged to form Silq Group, creating what they say is the largest B2B commerce platform serving the fastest-growing consumer markets across the Gulf and Emerging Asia, the company announced today.
The merger is backed by a $110 million funding round led by Sanabil Investments, a wholly owned company by Saudi Arabia’s Public Investment Fund (PIF), and Peter Thiel’s Valar Ventures.
The funding includes both equity investment and a financing facility for Silq Financial, the group’s newly established financial services arm. The breakdown of equity and debt was not disclosed. The round also saw participation from new investors including Qatar Development Bank, owned by the Qatar Government.
Both Sary, the Saudi B2B e-commerce platform, and ShopUp, from Bangladesh, have raised over $110 million each. Sary’s total includes a $75 million Series C in 2021, while ShopUp secured $75 million in Series B that same year, along with over $30 million in debt financing raised separately.
Together, ShopUp and Sary have served over 600,000 retailers, hotels, restaurants, cafes, and wholesalers, impacting tens of millions of customers in mom-and-pop shop communities. The combined network has processed over $5 billion in transactions and exceeded $750 million in embedded financing disbursements, while facilitating 100 million shipments.
Following the merger, both ShopUp and Sary brands will continue to operate in their respective geographies under their existing brand names, while leveraging Silq’s infrastructure and combined capabilities.
ShopUp’s Founder & CEO, Afeef Zaman, will serve as Silq Group CEO, while Sary’s Founder & CEO, Mohammed Aldossary will lead Silq Financial as 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.
Mohammed Aldossary, CEO of Silq Financial, added, “By merging our strengths, we’re not just expanding our reach – we’re revolutionizing how digital commerce serves Gulf’s merchants and South Asia manufacturers. This alliance brings together the best of both worlds: deep regional expertise and world-class technology to empower every business in our ecosystem where financial services are a cornerstone.”
A spokesperson at Sanabil Investments commented, “Silq is poised to become a leading B2B commerce player both regionally and globally. It addresses numerous challenges faced by B2B businesses seeking a fully integrated platform that combines financial, logistics and commerce services.”
The newly formed group plans to establish a strong presence in Qatar to extend its offerings to SMEs in the country. Silq’s investor base includes prominent names such as Flourish Ventures, VSQ, MSA Capital, Rocketship VC, STV, Wafra Investment (owned by Kuwait PIFSS), Peak XV, Prosus, Tiger Global, Endeavor Catalyst, and Raed Ventures.
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