TBT DESK: In a landmark deal bridging South Asia and the Gulf, Bangladesh's largest B2B commerce platform, ShopUp, has merged with Gulf-based counterpart Sary to create SILQ Group - a new force in global B2B commerce. The merger comes with a major vote of confidence from international investors, as SILQ secures a $110 million funding round led by Sanabil Investments (a subsidiary of Saudi Arabia's Public Investment Fund) and Peter Thiel's Valar Ventures.
The newly formed SILQ aims to transform trade across some of the world's fastest-growing consumer markets, combining advanced financial services, logistics, and digital commerce. The funding includes both equity and financing for SILQ Financial - the group's new financial services arm.
Between them, ShopUp and Sary have already impacted over 600,000 businesses - from small retailers to wholesalers and restaurants - across their regions. Collectively, the platforms have facilitated over $5 billion in transactions and disbursed more than $750 million in embedded financing. The companies have also supported over 100 million shipments to date.
Following the merger, ShopUp and Sary will retain their brand identities in their respective markets, but will operate under the umbrella of SILQ. SILQ Financial will serve as the group's specialised financing wing, doubling down on embedded finance and scaling up point-of-sale services.
ShopUp's Founder & CEO, Afeef Zaman, now takes the reins as Group CEO of SILQ. Meanwhile, Sary's Founder & CEO, Mohammed Aldossary, will lead SILQ Financial.
"Through this merger, we're stepping into one of the world's most dynamic trade corridors - projected to hit $682 billion," said Zaman. "We're excited to give these vibrant economies greater access to global products and empower them with the tools to grow."
Aldossary echoed the ambition: "This isn't just an expansion; it's a reinvention of how B2B commerce supports merchants in the Gulf and manufacturers in South Asia.
Together, we bring the best of both regions - cutting-edge tech and deep local insight."
The merger has drawn strong backing from investors. "SILQ is uniquely placed to solve the complexities of B2B trade with its integrated model," said a spokesperson from Sanabil Investments. "We are committed to supporting its leadership and growth journey."
Valar Ventures' Founding Partner, James Fitzgerald, added: "This bold merger places the Gulf and South Asia at the heart of a new commercial ecosystem. SILQ's leadership team has the ambition and vision to define this space globally."
SILQ is supported by a global network of investors including Flourish Ventures, VSQ, MSA Capital, Rocketship VC, STV, Wafra Investment (Kuwait PIFSS), Peak XV, Prosus, Tiger Global, Endeavor Catalyst, and Raed Ventures. Notably, Qatar Development Bank, owned by the Government of Qatar, is joining as a new investor - with plans underway for SILQ to establish operations in Qatar and expand its offerings to SMEs there.