• ShopUp and Sary merge to form SILQ Group with USD 110M backing, uniting Gulf and Emerging Asia’s B2B ecosystems.
• SILQ will operate regionally, maintaining original brands while launching SILQ Financial to scale embedded finance across both markets.
• With USD 5B in transactions and 600K+ clients, SILQ targets fast-growing trade corridors and plans expansion into Qatar next.

SILQ

What happened? ShopUp and Sary merged to form SILQ Group bringing together the Gulf and Emerging Asia. The merger is backed by USD 110 million funding by Sanabil Investments, wholly owned by Saudi’s Public Investment Fund (PIF), and Peter Thiel’s Valar Ventures. 

“Through this merger, we’re entering what’s set to become one of the world’s largest trade corridors—projected to reach $682 billion.”

Afeef Zaman, CEO of SILQ Group

What does this mean for the two companies? After the merger, both ShopUp and Sary will continue to operate in their respective locations under their respective brand names. All while leveraging SLQ’s infrastructure and combined capabilities. Additionally, the group will establish SILQ Financial as its financing arm. 

Commerce 

Who are they?  ShopUp is a Bangladeshi B2B commerce platform for online and offline small businesses. They provide easy access to B2B sourcing, last-mile logistics, digital credit and business management solutions to small businesses. 

Sary is a B2B marketplace and services platform in the Gulf that connects small businesses with manufacturers and lenders to procure supply efficiently. 

Together, ShopUp and Sary have served over 600,000 retailers, hotels, restaurants, cafes, and wholesalers. To date, the combined network has made over USD 5 billion in transactions and exceeded USD 750 million in embedded financing disbursements. 

Investor Backing SILQ is backed by renowned investors, including Sanabil Investments, Peter Thiel’s Valar Ventures, Flourish Ventures, VSQ, MSA Capital, and Rocketship VC. Additionally,  STV, Wafra Investment, Peak XV, Prosus, Tiger Global, Endeavor Catalyst, and Raed Ventures. 

This round will also see participation from new investors like the Qatar Government-owned Qatar Development Bank. This is because SILQ plans to establish a presence in Qatar to extend its offering to SMEs in Qatar.