ShopUp and Sary merge to form SILQ with $110m US-Saudi investment

ShopUp, Bangladesh's largest B2B commerce platform, and Sary, the leading B2B marketplace and services platform in the Gulf, have merged to form SILQ Group, reports UNB.

This merger brings together Gulf & Emerging Asia, creating the largest B2B commerce platform to serve the fastest-growing consumer markets in the region, and across the globe.

The merger is backed by a $110 million funding led by Sanabil Investments, a wholly owned company by Saudi Arabia's Public Investment Fund (PIF) and Peter Thiel's Valar Ventures.

This funding includes an equity investment and financing facility for SILQ Financial, the group's financial services arm.

Together, ShopUp and Sary have served over 600,000 retailers, hotels, restaurants, cafes and wholesalers, impacting tens of millions of customers in mom-and-pop shop communities since inception.

To date, the combined network has made over $5 billion in transactions on their platforms and exceeded $750 million in embedded financing disbursements.

Besides, the companies have facilitated a total of 100 million shipments.