SILQ: Pioneering Global B2B Trade and Finance
Discover how the merger of ShopUp and Sary into SILQ Group is reshaping the global B2B landscape with a $110 million fund, reimagining trade corridors and embedded finance.
Published April 11, 2025 - 00:04am

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The merger of Bangladesh's leading B2B commerce platform, ShopUp, with Saudi Arabia's prominent B2B marketplace, Sary, has given birth to SILQ Group. This new entity aims to revolutionize global trade and commerce by leveraging a robust $110 million funding round. Spearheaded by Sanabil Investments, an affiliate of Saudi Arabia's Public Investment Fund, and supported by renowned investors like Peter Thiel's Valar Ventures, this merger is poised to make a significant impact on the B2B ecommerce sector in emerging markets.
ShopUp, co-founded by Afeef Zaman, Ataur Rahim Chowdhury, and Navaneetha Krishnan J., and Sary, founded by Mohammed Aldossary and Khaled Alsiari, have maintained successful operations since 2017 and 2018 respectively. Through their digital platforms, these companies create a seamless experience for small and medium enterprises (SMEs) to procure supplies, manage logistics, and access embedded financial services, all within the vast trade corridor connecting the Gulf region with South Asia.
Recognizing the growth potential in emerging markets, both companies have established themselves as pivotal players in digital commerce, impacting over 600,000 retailers, hotels, restaurants, and wholesalers while facilitating more than $5 billion in transactions and $750 million in embedded financing. Their merger into SILQ Group positions them as the largest B2B commerce platform in South Asia and the Gulf, promising to address fragmented supply chains and financial service challenges pertinent to these regions.
The synergy between ShopUp and Sary brings together a profound understanding of local markets and world-class digital infrastructure. Core to SILQ's business model is its financial services arm, SILQ Financial, led by Mohammed Aldossary, which focuses on offering innovative SME funding solutions. These include embedded financial products that enhance cash flow and provide capital solutions hidden within the commerce ecosystem.
The merger is seen as a strategic move that places these high-growth markets at the center of a new global commercial ecosystem, fostering strong logistics and commerce capabilities. SILQ's approach is deemed revolutionary, promising to redefine how small businesses in emerging markets navigate the complexities of trade, finance, and logistics through a fully integrated digital platform.
Investors such as Peak XV Partners, Tiger Global, and the Qatar Development Bank are part of the impressive consortium backing SILQ Group. With such significant financial support, SILQ is equipped to enact robust growth strategies, potentially establishing the next great trade corridors set to be valued at $682 billion, thereby enhancing global consumption from these burgeoning economies.
'By merging our strengths, we're not just expanding our reach -- we're revolutionizing how digital commerce serves Gulf's merchants and South Asia manufacturers' noted Aldossary, highlighting the ambition and potential for innovation that SILQ Group represents.
SILQ Group's plan is to harness this synergy, not only in their current geographical markets but potentially beyond, creating opportunities that align with Saudi Arabia's forward-thinking regulations and infrastructure partnerships. The dual branding strategy ensures both companies remain recognizable within their original markets while benefiting from combined resources and operational models provided by SILQ's extensive infrastructure.
The creation of SILQ marks a watershed moment for Bangladeshi tech entrepreneurs, showing how cross-border collaborations backed by significant capital resources can place them on the forefront of global ecommerce innovation. As such, the Bangladesh government has launched a specialized startup fund, reflective of the confidence in local ingenuity to tackle global challenges.
As SILQ Group continues to scale, the scope for future integrations and expansions remains vast, offering transformative economic opportunities for local businesses while integrating digital finance with commerce. This development stands testament to the vision and tenacity of the entrepreneurs involved, as well as the evolving corporate landscape taking center stage in emerging markets.
Ultimately, SILQ Group represents a dynamic shift in B2B ecommerce, a harbinger for how innovative finance and logistics can be combined to meet the demands of evolving global supply chains. Its growth trajectory over the coming years will be watched closely by industry insiders and competitors alike, as it seeks to model the comprehensive, next-generation trade infrastructures needed to thrive in the volatile, opportunity-rich landscape of global e-commerce.