ShopUp, B2B commerce platform from Bangladesh, and Sary, a B2B marketplace and services platform in the Gulf, have merged to form SILQ Group.
The merger connects Gulf markets and emerging Asia, creating a B2B commerce platform aimed at serving fast-growing consumer markets in the region and globally.
The deal is backed by US$110 million in funding, led by Sanabil Investments, a company owned by Saudi Arabia’s Public Investment Fund (PIF), and Peter Thiel’s Valar Ventures.
The financing includes both equity investment and a facility for SILQ Financial, the group’s financial services division.
Combined, ShopUp and Sary have supported more than 600,000 retailers, hotels, restaurants, cafés, and wholesalers, and have facilitated over US$5 billion in transactions since their inception.
The platforms have also disbursed over US$750 million in embedded financing and completed 100 million shipments.
SILQ aims to offer businesses integrated financial tools, logistics services, and commerce features to improve operational efficiency.
Both ShopUp and Sary will retain their brand identities within their respective markets, while SILQ Financial will focus on expanding the group’s financing infrastructure, embedded financing capabilities, and Point-of-Sales (POS) offerings.
ShopUp’s founder and CEO, Afeef Zaman, will take on the role of CEO for SILQ Group. Sary’s founder and CEO, Mohammed Aldossary, will lead SILQ Financial.
“Through this merger, we’re entering what’s set to become one of the world’s largest trade corridors – projected to reach US$682 billion,”
said Zaman.
“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.”
Aldossary added:
“By merging our strengths, we’re not just expanding our reach—we’re reshaping how digital commerce serves merchants in the Gulf and manufacturers in South Asia. Financial services will remain a cornerstone of this ecosystem.”
Featured image credit: edited from freepik
