- The merger of Sary and ShopUp to form SILQ Group connects the Gulf with Asia in the B2B sector.
- An investment funding of 412.5 million SAR, led by Saudi Arabia’s Public Investment Fund and a group of investors, will support the group’s expansion and the launch of SILQ Financial.
- The group serves over 600,000 SMEs, facilitating trade with a total goods value exceeding 18 billion SAR and over 100 million shipments.
Sary, a B2B commerce and services company in the Gulf, and ShopUp, a B2B platform in Bangladesh, have announced their merger to form SILQ Group. The group aims to enhance trade connectivity between the Gulf and South Asia, with a focus on supporting the region’s consumer markets.
This merger is part of a strategic plan backed by a funding round of 412.5 million SAR, led by Sanabil Investments, a subsidiary of Saudi Arabia’s Public Investment Fund, along with Peter Thiel’s Valar Ventures. The funding includes equity investment and financial facilities directed towards SILQ Financial, the group’s new financial arm.
Since their inception, Sary and ShopUp have provided services to over 600,000 business owners, including retailers, restaurants, cafes, and wholesalers. The total value of goods handled by the companies exceeds 18 billion SAR, with financing of 2.8 billion SAR and more than 100 million shipments executed.
The merger strengthens SILQ’s role in supporting small and medium-sized enterprises (SMEs) by offering a range of services, including financial, logistical, and commercial tools.
Both Sary and ShopUp will continue to operate under their respective brand names in their local markets while benefiting from the new group’s shared infrastructure and expertise. SILQ Financial will also be launched to develop financial technology services, expand financing and digital payment solutions, and support Point-of-Sale (POS) systems.
Mohammed Aldossary, founder and chairman of Sary, will serve as CEO of SILQ Financial, while Afeef Zaman, founder and chairman of ShopUp, will lead the parent company, SILQ Group, as its CEO.
In a statement, Mohammed Aldossary explained, “This collaboration contributes to expanding geographic coverage and providing solutions that align with the needs of businesses in the Gulf and South Asia by combining local expertise with modern technologies.”
Afeef Zaman highlighted that “the merger opens the door to working within one of the world’s largest trade corridors, valued at $682 billion, supporting market growth and enhancing access to a variety of products.”
Sanabil Investments commented, “SILQ Group represents an integrated platform combining financial, logistical, and commercial services, enhancing its role in B2B trade regionally and globally.”
James Fitzgerald, partner at Valar Ventures, noted, “The merger of Sary and ShopUp reflects a trend towards developing a business model connecting the Gulf with South Asia under visionary leadership.”
SILQ Group is supported by a number of investors, including Sanabil Investments, Valar Ventures, Pierre Omidyar’s family office, Flourish Ventures, Peak XV, VSQ, MSA Capital, Rocketship VC, STV, Wafra Investment, Prosus, Tiger Global, Endeavor Catalyst, Raed Ventures, and Qatar Development Bank, as part of a plan to expand into the Qatari market and serve SMEs there.
