Sary, ShopUp merge to launch new B2B platform: Saudi e-commerce platform Sary and Bangladesh’s ShopUp merged to launch the Silq Group, a cross-border B2B platform targeting the Gulf and emerging Asian markets, according to a press release. The merger was backed by a USD 110 mn funding round led by PIF-backed Sanabil Investment and US-based Valar Ventures.

Who else participated? Other investors include Flourish Ventures, VSQ, MSA Capital, Rocketship VC, Saudi Tech Ventures, Wafra Investment, Peak XV, Prosus, Tiger Global, Endeavor Catalyst, and Raed Ventures, as well as new investor Qatar Development Bank.

The blueprint: The new entity will combine the infrastructure, logistics, and financial services of ShopUp and Sary under a joint operating model, while each brand continues to serve its local market. The group will also incorporate Silq Financial to offer embedded financial services, POS infrastructure, and cross-border trade enablement across the network.

The leadership: ShopUp’s founder and CEO Afeef Zaman (LinkedIn) will assume the role of Silq Group’s CEO, while Sary’s founder and CEO Mohammed Aldossary (LinkedIn) will serve as Silq Financial’s CEO.

Looking Forward: Silq aims to focus on raising income at the group level while trying to catch some wind from the impact of US tariffs as exporters seek out alternative markets, Aldossary told Bloomberg. The group also plans to set up presence in Qatar, broadening its offerings to Qatari SMEs, according to the press release.

An IPO in sight: “We think the Gulf market is very exciting when it comes to IPOs — especially the Saudi market,” Zaman told the financial publication, pointing to 2027 as a potential year for market debut.

Tags: