ShopUp, Bangladesh鈥檚 largest business-to-business commerce platform, and Sary, the leading B2B marketplace and services platform in the Gulf, have merged to form SILQ Group.
This merger brings together Gulf and 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鈥檚 Public Investment Fund and Peter Thiel鈥檚 Valar Ventures.
This funding includes an equity investment and financing facility for SILQ Financial, the group鈥檚 financial services arm.
Together, ShopUp and Sary have served over 6,00,000 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.
This will establish SILQ as the platform of choice that enables businesses to grow by increasing their efficiency through a combination of financial tools, logistic services and commerce features.
Post-merger, both ShopUp and Sary brands will continue to operate in their respective geographies under their respective brand names, while leveraging SILQ鈥檚 infrastructure and combined capabilities.聽