Saudi’s Sary and Bangladesh’s ShopUp merge to launch SILQ, a B2B commerce platform, with $110M in fresh funding

Saudi-based Sary and Bangladesh’s ShopUp have merged to form SILQ Group, a new B2B commerce platform, and have raised $110 million in fresh funding.

The round was jointly led by Sanabil Investments, the venture arm of Saudi Arabia’s Public Investment Fund (PIF), and Valar Ventures LLC, founded by Peter Thiel.

Additional investors include Qatar Development Bank, STV, Wafra International Investment Co., Tiger Global, Prosus Ventures, Peak XV Partners, and others.

Founded by Afeef Zaman (ShopUp) and Mohammed Aldossary (Sary), SILQ brings together two of the region’s largest B2B platforms – ShopUp in South Asia and Sary in the Gulf.

The newly combined group will operate both brands in their respective geographies, with a shared infrastructure across commerce, logistics, and financial services.

To date, ShopUp and Sary have: – Processed over $5B in transactions

– Facilitated 100M+ shipments
– Disbursed $750M+ in embedded financing
– Served 600,000+ businesses, including retailers, restaurants, and wholesalers

SILQ Financial, led by Aldossary, will expand its embedded finance and POS offering across both markets.

An IPO is planned for 2027, with a focus on the Saudi market.