Sary, the Gulf-based B2B commerce and services platform, and ShopUp, Bangladesh’s largest B2B platform, have officially merged to form SILQ Group. The bold move is aimed at strengthening trade connectivity between the MENA region and South Asia.
The merger is backed by a 412.5 million SAR funding round, led by Sanabil Investments (a subsidiary of Saudi Arabia’s Public Investment Fund), and Peter Thiel’s Valar Ventures.
The funding includes equity investments and financial facilities, a portion of which will support SILQ Financial, the new fintech arm of the group. The goal? To expand digital payment solutions, improve POS systems, and enhance financing tools for businesses across the region.
Combined, Sary and ShopUp have served over 600,000 business owners, from retailers and restaurants to wholesalers and cafés, handling 18 billion SAR in goods, 2.8 billion SAR in financing, and 100 million shipments to date.
The two brands will continue to operate locally under their original names but will now share infrastructure, financial services, and logistics capabilities through SILQ Group.
How SILQ is Empowering SMEs with Unified B2B Tools
SILQ Group is designed to be more than just a merger—it’s a regional B2B powerhouse. By combining logistics, finance, and commerce, the group is set to play a critical role in supporting SMEs across the Gulf, South Asia, and eventually, Qatar.
Mohammed Aldossary, founder and chairman of Sary, will now serve as CEO of SILQ Financial. He shared: “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, founder and chairman of ShopUp, will lead SILQ Group as CEO, emphasizing the opportunity: “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.”
The initiative has attracted a strong lineup of global and regional investors, including Valar Ventures, Pierre Omidyar’s family office, Flourish Ventures, Tiger Global, MSA Capital, Prosus, Qatar Development Bank, and more—signaling big ambitions for SILQ’s expansion across Qatar and the wider MENA region.
As James Fitzgerald of Valar Ventures puts it:
“The merger of Sary and ShopUp reflects a trend towards developing a business model connecting the Gulf with South Asia under visionary leadership.”
With a unified vision and powerhouse backing, SILQ Group is set to reshape B2B trade across emerging markets, creating a more connected, empowered ecosystem for small and medium-sized businesses in the region.
