Sary, the leading B2B trade and services platform in the Gulf, and ShopUp, the largest B2B trading platform in Bangladesh, have merged to form SILQ Group—the largest B2B platform connecting the Gulf with emerging Asian markets.
This strategic merger is supported by a $110 million funding round that includes both equity investments and debt facilities for SILQ’s financial arm.
Sanabil Investments, which is wholly owned by the Saudi Public Investment Fund, and Valar Ventures LLC, affiliated with Peter Thiel, are leading the investment in the newly formed SILQ Group. They are joined by a wide range of other investors including STV, VentureSouq, Flourish Ventures, MSA Capital, Al Wafrah Investment, Rocketship.vc, Endeavor, RAED Ventures, Qatar Development Bank, Peak XV Partners, Tiger Global, and Prosus Ventures.
The strategic goal of this investment and merger is the formation of SILQ Group, envisioned to become the largest B2B trade platform connecting the Gulf region with emerging Asian markets.
This new entity will play a vital role in serving some of the world’s fastest-growing consumer markets. The $110 million raised will be used to support equity investments and to provide debt facilities for SILQ Financial, the newly established financial arm of the group.
Operationally, SILQ will deliver integrated financial tools, logistics, and commercial services aimed at driving the growth of small and medium-sized enterprises (SMEs) across the region.
While SILQ forms the unified infrastructure, both Sary and ShopUp will continue operating under their existing brand names, allowing them to maintain their market identities while benefiting from the scale and synergy of the larger group.
This merger not only solidifies SILQ’s position as a market leader but also aims to drive significant growth and efficiency enhancements across the supply chain through a blend of financial, logistical, and commercial services.
Mohammed Aldossary, Founder and Chairman of Sary, will serve as CEO of SILQ Financial.
Afeef Zaman, Founder and Chairman of ShopUp, will assume the role of CEO for SILQ Group.
Mohammed Aldossary stated, “By merging our efforts, we are not only expanding our geographic reach but also unlocking new opportunities to develop smoother solutions for serving Gulf traders and South Asian manufacturers. This merger combines the best of both worlds—the local market expertise and modern technology—equipping all companies in our ecosystem with the essential tools for growth, with financial services as the cornerstone.”
Afeef Zaman added, “This merger moves us into a new phase, allowing us to position ourselves at one of the world’s largest trade corridors, projected to be worth $682 billion. Our strategic geographic location enables us to support some of the fastest growing economies, which will have a significant impact on global consumption trends in the coming years. This alliance will provide easier access to a diverse range of products from around the world.”
A spokesperson for Sanabil Investments commented, “SILQ is poised to become a major player in regional and global B2B trade by offering an innovative, integrated solution that blends financial, logistical, and commercial services. We believe this merger represents a true turning point that will drive sustainable growth and benefit all stakeholders, and we are committed to supporting this vision.”
