KSA's Sary, Bangladesh's ShopUp Merge To Launch SILQ Group

Sary, a KSA-based B2B marketplace and services platform, has merged with ShopUp, a Bangladesh-based B2B commerce platform, to form SILQ Group, which has been billed to be "the largest B2B commerce platform across the Gulf and Emerging Asia."

The merger has been supported by a US$110 million funding round, led by Sanabil Investments, wholly owned by Saudi Arabia’s Public Investment Fund (PIF), as well as Valar Ventures, founded by Peter Thiel. Other investors include Flourish Ventures, VSQ, MSA Capital, Rocketship VC, STV, Wafra Investment, Peak XV, Prosus, Tiger Global, Endeavor Catalyst, and Raed Ventures, with this round also seeing participation from the Qatari government-owned Qatar Development Bank, which will see SILQ set up a strong presence in Qatar.

Sary was launched by Mohammed Aldossary and Khaled AlAhmad in Saudi Arabia in 2018 with the mission to modernize wholesale supply for retailers across the GCC region. Meanwhile, ShopUp, founded by Afeef Zaman, Ataur Rahim Chowdhury, and Siffat Sarwar in Bangladesh in 2016, set out to empower small businesses through digital commerce, logistics, and financial services, and eventually became the country’s leading B2B commerce platform.

In an interview with Inc. Arabia, Zaman, who's now the founder and CEO of SILQ Group, said the merger between Sary and ShopUp is a testament to the Gulf region's historical role as an epicenter of global trade, connecting the East and the West for centuries. "The merger of ShopUp and Sary into SILQ Group leverages the Gulf's strategic position to serve the Gulf-South Asia corridor—projected to reach $682 billion in trade volume by 2030, yet still underserved for SMEs," Zaman said. "While large corporations have capitalized on cross-border trade, our mission is to democratize these advantages for smaller businesses that form the backbone of both economies. With our regional depth, unified infrastructure, and a shared vision, SILQ is the best partner to help SMEs and manufacturers succeed."

Here, Zaman pointed out that the two ventures that make up SILQ have already facilitated over $5 billion in transactions across both markets, delivered 100 million shipments, and provided $750 million in financing. "For SMEs, this translates to easier sourcing, seamless logistics, and better access to capital," Zaman explained. "For manufacturers, our platform offers real-time visibility and demand aggregation in these high-growth, underserved markets."

Following the announcement about the launch of SILQ, Inc. Arabia also spoke to Aldossary, who was previously the co-founder and CEO of Sary, and has now taken on the new role of CEO at SILQ Financial. “The merger of ShopUp and Sary under SILQ Group marks the formation of a unified platform with one bold mission: to build the trade infrastructure for emerging markets, starting with the GCC and South Asia—two regions with deep commercial ties, but historically fragmented supply chains," Aldossary said. "By bringing together our complementary ecosystems, we’re creating a vertically integrated platform that connects millions of merchants to thousands of manufacturers, powered by embedded technology, capital, and logistics. This consolidation allows us to unify business processes across procurement, payments, and fulfillment, standardize data and underwriting across markets to scale financial services, and drive efficiencies for both SMEs and large manufacturers through one seamless platform.” 

Aldossary emphasized that the merger of Sary and ShopUp is more than just a strategic effort by the two companies—it's a bold step toward a longer-term ambition. “We’re backed by world-class investors who share our vision, and we’re led by a cross-regional team with deep local insight and a global execution mindset," Aldossary explained. "Together, we’re building the rails for a new era of digital trade across emerging Asia, the GCC, and beyond.” 

Zaman agreed with Aldossary, saying, "Today, the Gulf is emerging as one of the most strategic markets globally—a kind of new commercial West. Global businesses already know this. The real question is: how do we make it work for SMEs? The ties between the Gulf and South Asia are deep—over 35% of the Gulf’s population is South Asian, and trade flows between the regions exceed $200 billion annually. Yet, SMEs still face high barriers when it comes to cross-border trade: sourcing, logistics, payments, and financing remain complex and costly."

But that's how SILQ's offering can make impactful change, Zaman pointed out. "Over the next 2–5 years, we expect Gulf SMEs to increasingly become exporters, not just importers," he said. "With better infrastructure and access to embedded financial tools, SMEs across the corridor can grow faster and more competitively. This corridor won’t be led by a handful of giants—it’ll be shaped by millions of ambitious small businesses. Our job is to build the systems that help them lead."

While the the Gulf-South Asia corridor is projected to reach $682 billion in trade volume by 2030, it is still underserved for SMEs. Image courtesy SILQ Group.

In his newly appointed role as CEO of SILQ Financial, Aldossary told us that the new company will act as “the financial engine powering trade across our ecosystem.” “Our vision is to embed capital at every key friction point in commerce—from procurement to point-of-sale, and even cross-border transactions,” he said. According to Aldossary, SILQ Financial goes beyond traditional lending. “We don’t just lend—we enable smarter trade by combining financing with real-time data and deep ecosystem integration,” he said. 

Aldossary went on to explain how the platform is designed to support various players across the supply chain. For merchants, it offers immediate access to working capital through embedded buy now, pay later (BNPL) options, along with on-premise point-of-sale (PoS) systems to streamline cash management, inventory tracking, and payment processing. Meanwhile, for manufacturers and wholesalers, it provides revenue-linked supply chain financing and trade finance solutions that open up access to wider regional markets. According to Aldossary, such innovative financial services targeting SMEs can help drive their growth in the region. “The GCC has a young, growing SME sector—but access to capital remains the single biggest barrier to scale," he said. "Traditional finance isn’t designed for informal, fast-moving businesses. That’s the gap SILQ Financial fills.” 

Aldossary also noted that embedded, data-driven financial services can unlock SME potential by integrating financial services directly into the trade ecosystem. This approach focuses on accelerating capital cycles for quicker inventory turnover, improving cash flow and visibility through digital point-of-sale systems, and expanding credit access with ecosystem-driven underwriting. “As SMEs grow, so does the region’s domestic economy," Aldossary added. "It’s not just about lending—it’s about building foundations for inclusive growth in the digital age.” 

In terms of the future roadmap for SILQ, Zaman told Inc. Arabia that the enterprise has a plan to expand into all Gulf markets by 2026, creating a unified digital trade corridor across the entire GCC region. And in this dynamic market that holds so much promise, Zaman said that entrepreneurs would be wise to tap into the opportunities presented by it—but governed by the principles characteristic of it as well. "The Arab world has a long history of trade, and with it, time-tested financing models rooted in fairness and shared risk," Zaman explained. "New-age builders of modern financial products would do well to learn from these principles—especially those found in Islamic finance. They offer a blueprint for creating tools that are not only innovative, but also equitable, trusted, and built to last in the markets we serve."

Pictured in the lead image from left to right is Mohammed Aldossary, CEO of SILQ Financial, and Afeef Zaman, founder and CEO, SILQ Group. Image courtesy SILQ Group.