Sary, the top B2B marketplace and services platform in the Gulf, and ShopUp, the biggest B2B commerce platform in Bangladesh, have combined to form SILQ Group. Through this merger, Gulf & Emerging Asia will become the largest B2B commerce platform, catering to the fastest-growing consumer markets in the region and worldwide. Sanabil Investments, a company fully owned by Peter Thiel’s Valar Ventures and Saudi Arabia’s Public Investment Fund (PIF), is leading a $110 million funding round to support the merger. A financing facility and equity investment are part of this funding for SILQ Financial, the group’s financial services division.
Tens of millions of customers in mom-and-pop shop communities have been impacted by ShopUp and Sary’s combined service of over 600,000 retailers, hotels, restaurants, cafes, and wholesalers since their founding. On its platforms, the combined network has transacted more than $5 billion and disbursed more than $750 million in embedded financing so far. In addition, the companies have helped to facilitate 100 million shipments. This will make SILQ the go-to platform for companies looking to expand by boosting productivity with a mix of financial tools, logistics services, and commerce features.
Following the merger, ShopUp and Sary will both use SILQ’s infrastructure and combined capabilities to continue operating under their respective brand names in their respective regions. Additionally, SILQ Financial will be established by the group as its financing arm. Financial infrastructure will be established, and the Point-of-Sale (POS) industry and markets’ embedded financing scale will be doubled down.
Afeef Zaman, the founder and CEO of ShopUp, will be the CEO of SILQ Group, and Mohammed Aldossary, the founder and CEO of Sary, will be the CEO of SILQ Financial.
“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 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,” said Mohammed Aldossary, CEO of SILQ Financial.
“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. This merger will enhance SILQ’s depth, expertise and scale. We remain committed to supporting the company’s leadership to ensure this merger benefits all stakeholders,” said a spokesperson at Sanabil Investments.
“Saudi Arabia and the Gulf represent one of the most exciting economic stories in the world today. This merger reflects a bold vision to place these markets at the centre of a new commercial ecosystem connecting with South Asia. With a leadership team that has consistently demonstrated courage and foresight, SILQ has the potential to define this category through ambition that matches the regions it serves,” said James Fitzgerald, Founding Partner at Valar Ventures.
Renowned investors support SILQ, including Peak XV, Prosus, Tiger Global, Endeavor Catalyst, Raed Ventures, Sanabil Investments, which is fully owned by Saudi Arabia’s Public Investment Fund (PIF), Peter Thiel’s Valar Ventures, Flourish Ventures, VSQ, MSA Capital, Rocketship VC, STV, Wafra Investment (owned by Kuwait PIFSS), and Prosus. New investors, such as the government-owned Qatar Development Bank, will also participate in this round. To expand its offering to Qatari SMEs, SILQ plans to forge a significant presence in the country.
