Saudi business-to-business ecommerce platforms Sary and ShopUp from Bangladesh have combined forces to create a new company named Silq, securing a significant investment of $110 million.
In a strategic move, the Saudi B2B ecommerce marketplace Sary and Bangladesh's ShopUp, Bangladesh's largest B2B commerce platform, have merged to form Silq Group. This merger aims to create a unified platform addressing a $682 billion trade corridor between the Gulf and Emerging Asia.
The newly formed Silq Group leverages the strengths of both companies to offer a comprehensive solution for small businesses. Sary, based in Riyadh, was a leading B2B marketplace in the Gulf region, connecting small businesses with wholesalers and financial services. ShopUp, on the other hand, was focused on helping small businesses in Emerging Asia source products, place bulk orders digitally, and access financing.
The merger, backed by a $110 million funding round led by Sanabil Investments (owned by Saudi Public Investment Fund) and Peter Thiel’s Valar Ventures, aims to build infrastructure allowing small businesses to move goods and access embedded financial products natively within the platform. This is achieved through SILQ Financial, the group's newly established financial services arm, which offers innovative SME funding.
Mohammed Aldossary, CEO of Silq Financial, stated that the merger aims to revolutionize digital commerce for Gulf merchants and South Asian manufacturers. Afeef Zaman, ShopUp's Founder & CEO, will serve as Silq Group CEO, while Sary's Founder & CEO, Mohammed Aldossary, will lead Silq Financial as CEO.
Following the merger, both ShopUp and Sary brands will continue to operate in their respective geographies under their existing brand names. The combined network has processed over $5 billion in transactions and exceeded $750 million in embedded financing disbursements.
Silq Group claims to be the largest B2B commerce platform serving the fastest-growing consumer markets across the Gulf and Emerging Asia. The merger marks a first for a Bangladeshi company integrating into the Saudi startup ecosystem, positioning SILQ as potentially one of the world’s largest B2B commerce platforms bridging these regions.
The merger also includes additional efforts like Gateway Gulf, a distribution channel launched to connect Bangladeshi brands directly with Saudi retail markets, enhancing cross-border trade and supporting diaspora entrepreneurs as brand ambassadors.
Silq Group plans to establish a strong presence in Qatar to extend its offerings to SMEs in the country. The company aims to serve some of the most exciting, fast-growing economies that are expected to shape global consumption in the coming decades. Sanabil Investments commented that Silq is poised to become a leading B2B commerce player regionally and globally.
- The strategic merger of Sary and ShopUp, forming the Silq Group, seeks to establish a unified platform, leveraging technology to offer comprehensive solutions for small businesses in both finance and business operations, focusing particular attention on the Gulf and Emerging Asia trade corridor.
- To cater to the financial needs of small and medium-sized enterprises (SMEs), Silq Financial, the newly established financial services arm of Silq Group, will provide innovative funding options, positioning the company as a potential leader in connecting businesses across the Gulf and Emerging Asia, revolutionizing digital commerce.
