ShopUp founder and CEO Afeef Zaman
ShopUp, one of the largest B2B commerce platforms in Bangladesh, and Saudi Arabia’s leading B2B marketplace and services platform, Sary, have announced a merger to create SILQ.
The strategic union is backed by a substantial US$110 million funding round comprising equity and debt financing. The investment was spearheaded by Sanabil Investments, a wholly owned entity of Saudi Arabia’s Public Investment Fund (PIF), alongside Peter Thiel’s Valar Ventures.
Under the SILQ umbrella, the ShopUp and Sary brands will maintain their distinct operations within their respective geographical strongholds. However, they will leverage SILQ’s enhanced infrastructure, combined capabilities, and shared resources better to serve small and medium-sized enterprises (SMEs).
Also Read: How ShopUp helps Bangladesh SMEs to take on big players with its B2B e-commerce platform
Furthermore, the newly formed group will establish SILQ Financial, a dedicated financing arm focused on driving innovation in SME financing. SILQ aims to address the challenges SMEs face in emerging economies, where they contribute approximately 40 per cent to their respective countries’ GDP but often lack access to capital and robust supply chain infrastructure. SILQ intends to provide easier access to efficient sourcing, seamless logistics, and affordable financing.
Afeef Zaman, founder and CEO of ShopUp, will assume the role of CEO for SILQ Group, while Sary’s founder and CEO, Mohammed Aldossary, will lead SILQ Financial as its CEO.
“Through this merger, we’re entering what’s set to become one of the world’s largest trade corridors—projected to reach US$682 billion. We’re in the front seat to serve some of the most exciting, fast-growing economies that are set to shape global consumption in the coming decades, giving them greater access to products from around the world,” stated Afeef Zaman.
Mohammed Aldossary added, “By merging our strengths, we’re not just expanding our reach – we’re revolutionising how digital commerce serves merchants across the GCC and Emerging Asia. This union brings together the best of both worlds: deep regional expertise and world-class technology to empower every business in our ecosystem. All of this is in service to SMEs that have traditionally been an underserved and untapped community, despite their significant contributions to their respective markets.”
ShopUp was founded in Dhaka in 2017 by Zaman (CEO), Sujayath Ali (COO & CBO), Ataur Rahim Chowdhury (CPO), and Navaneetha Krishnan (CTO). ShopUp provides SMEs with a one-stop-shop solution for sourcing products, reducing the time and effort required to find suppliers, negotiate terms and orchestrate operations. Additionally, it acts as a nationwide platform for small manufacturers, mills, and brands to sell their products.
Collectively, ShopUp and Sary have served over 600,000 retailers, including hotels, restaurants, cafes, and wholesalers, impacting tens of millions of customers. Their platforms have processed over US$5 billion in transactions, including over US$750 million in financial disbursements and facilitated over 100 million shipments.
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