Bangladesh’s ShopUp and Gulf’s Sary Merge to Form SILQ Group with $110M Backing

Bangladesh's ShopUp and Gulf's Sary have merged to create SILQ Group, forming a cross-regional B2B commerce platform targeting markets across the Gulf and emerging Asia. 

ShopUp is Bangladesh's most funded startup and largest B2B commerce platform. 

Sary operates across Saudi Arabia, Egypt, and Pakistan. 

First reported by Bloomberg, the merged entity is backed by $110 million in funding led by Sanabil Investments (a wholly owned subsidiary of Saudi Arabia's $925 billion Public Investment Fund) and Peter Thiel's Valar Ventures. 

The funding includes equity investment and financing for SILQ Financial, the group's dedicated financial services arm. 

This marks Sanabil's first venture in South Asia, as Saudi Arabia expands its investment portfolio beyond traditional markets. 

Other investors include Flourish Ventures, Kuwait's state-owned Wafra, and Qatar's state-owned Qatar Development Bank

SILQ is plotting an ambitious IPO timeline, targeting a public listing by 2027, with executives eyeing the Saudi market. 

Key business strategy: 

Over the next six months, SILQ will focus on achieving group-level profitability. The company believes potential Trump tariffs could create new opportunities as exporters seek alternative markets. 

The merger will facilitate Bangladeshi products entering Saudi and Gulf markets. 

By the numbers: 

• $5 billion+ in transactions processed through their platforms 
• 100 million+ shipments facilitated to date 
• 600,000+ retailers, hotels, restaurants, and wholesalers served 
• $750 million+ in embedded financing disbursements 
• 3+ million Bangladeshis living in Saudi Arabia, representing a key economic connection

Leadership structure: The new entirety will maintain the following leadership structure: 

• ShopUp's founder Afeef Zaman becomes SILQ Group CEO 
• Sary's founder Mohammed Aldossary will lead SILQ Financial as CEO 
• ShopUp's co-founder Ataur Rahim Chowdhury becomes ShopUp (Bangladesh) CEO  
• Both brands will continue operating in their respective markets while leveraging shared resources

Why it matters: The merger positions SILQ to capitalize on the Gulf-South Asia trade corridor, projected to become one of the world's most significant routes handling over $682 billion worth of trade in the next decade.

The big picture: SILQ aims to revolutionize how digital commerce serves merchants across the Gulf Cooperation Council and emerging Asia, focusing on SMEs that have traditionally been underserved despite their significant economic contributions.

Investor landscape: The company's impressive roster of backers includes Saudi Arabia's STV, Flourish Ventures, VSQ, MSA Capital, Rocketship VC, Wafra Investment, Peak XV, Prosus, Tiger Global, Endeavor Catalyst, Raed Ventures, and Qatar Development Bank.

Go deeper: Saudi Arabia's venture capital ecosystem has been rapidly expanding, currently trailing only Singapore in the emerging VC market race.

Cover image credit: Media OutReach