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ShopUp and Sary Join Forces to Create the SILQ Group

W. Syaban

April 17, 2025

It is backed by $110 million in financing.

ShopUp , Bangladesh’s business-to-business (B2B) commerce platform, has partnered with Sary, a B2B marketplace in the Gulf region, to establish the SILQ Group.

The newly formed group will become the biggest B2B trade platform spanning the Gulf region and emerging parts of Asia.

The merger has secured $110 million in financing, with leadership from Sanabil Investments—a firm affiliated with PIF—and Valar Ventures, which was established by Peter Thiel.

The funds consist of equity investment along with a financing facility for SILQ Financial, which is the group’s financial services division.

Combined, ShopUp and Sary have supported more than 600,000 enterprises such as retail stores, eateries, and suppliers, facilitating $5 billion in transactions, disbursing $750 million in funding, and managing 100 million deliveries so far.

Each brand will keep operating within their respective markets yet they'll jointly utilize SILQ's infrastructure. SILQ Financial plans to expand integrated financial solutions and point-of-sale services throughout these areas.

Afeef Zaman, the CEO of ShopUp, will take on the role of Group CEO at SILQ, whereas Mohammed Aldossary, who currently leads Sary as its CEO, will helm SILQ Financial.

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