In a significant move within the B2B landscape, ShopUp and Sary have merged to create SILQ Group, effectively uniting the Gulf and Emerging Asia markets. This merger is backed by $110 million in funding, primarily provided by Sanabil Investments, a company wholly owned by Saudi Arabia's Public Investment Fund (PIF), along with contributions from Peter Thiel's Valar Ventures.
Afeef Zaman, CEO of SILQ Group, remarked, "Through this merger, we're entering what's set to become one of the world's largest trade corridors—projected to reach $682 billion."
Implications of the Merger
Following the merger, both ShopUp and Sary will maintain operations in their respective markets under their established brand names while leveraging SILQ's enhanced infrastructure and combined capabilities. Additionally, the group will introduce SILQ Financial as its dedicated financing arm, further solidifying its position in the B2B sector.
About the Companies
ShopUp is a Bangladeshi B2B commerce platform designed to support online and offline small businesses. The company facilitates easy access to B2B sourcing, last-mile logistics, digital credit, and business management solutions, enabling small enterprises to thrive in a competitive landscape.
Sary, on the other hand, is a B2B marketplace and services platform operating in the Gulf region. It connects small businesses with manufacturers and lenders, streamlining the procurement process to enhance efficiency.
Together, ShopUp and Sary have successfully catered to over 600,000 retailers, hotels, restaurants, cafes, and wholesalers. To date, the combined network has facilitated more than $5 billion in transactions and has delivered over $750 million in embedded financing disbursements.
Investor Support
SILQ is bolstered by a prominent roster of investors, including Sanabil Investments, Valar Ventures, Flourish Ventures, VSQ, MSA Capital, and Rocketship VC. The investor base also features STV, Wafra Investment, Peak XV, Prosus, Tiger Global, Endeavor Catalyst, and Raed Ventures.
Notably, this funding round will also welcome participation from new investors, including the Qatar Development Bank, reflecting SILQ's plan to establish a presence in Qatar to extend its offerings to small and medium-sized enterprises (SMEs) in the region.
The merger between ShopUp and Sary to form SILQ Group marks a pivotal moment in the B2B sector, enhancing trade connections between the Gulf and Emerging Asia. With robust investor backing and a commitment to empowering SMEs, SILQ is poised to lead the charge in transforming the B2B landscape in these dynamic markets.
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