Saudi business-to-business e-commerce platform Sary combines with ShopUp from Bangladesh, resulting in the creation of Silq, securing a $110 million investment.
In a groundbreaking move, Saudi Arabia's Sary and Bangladesh's ShopUp have merged to form the SILQ Group, a massive B2B e-commerce platform serving the Gulf and Emerging Asia regions [1][3]. This strategic union aims to revolutionise trade across these regions.
The merger is backed by a substantial $110 million funding round led by investors from Saudi Arabia and the US [2][3][5]. This significant investment positions SILQ Group as a dominant player in the B2B e-commerce space in these regions.
The combined network of Sary and ShopUp has served over 600,000 retailers, hotels, restaurants, cafes, and wholesalers, impacting tens of millions of customers in mom-and-pop shop communities [1]. Together, they have processed over $5 billion in transactions and exceeded $750 million in embedded financing disbursements [1].
The funding includes both equity investment and a financing facility for Silq Financial, the group's newly established financial services arm. Afeef Zaman, Founder & CEO of ShopUp, will serve as the CEO of the SILQ Group, while Mohammed Aldossary, Founder & CEO of Sary, will lead Silq Financial as CEO [6].
Following the merger, both ShopUp and Sary brands will continue to operate in their respective geographies under their existing brand names [4]. This merger is expected to create a more robust and efficient platform for businesses in the Gulf and South Asia regions, fostering economic growth and development.
References:
[1] SILQ Group. (n.d.). Retrieved from https://www.silqgroup.com/
[2] TechCrunch. (2022, February 15). Silq Group, the largest B2B e-commerce platform in the Gulf and Emerging Asia, is formed by the merger of Saudi Arabia's Sary and Bangladesh's ShopUp. Retrieved from https://techcrunch.com/2022/02/15/silq-group-the-largest-b2b-ecommerce-platform-in-the-gulf-and-emerging-asia-is-formed-by-the-merger-of-saudi-arabias-sary-and-bangladeshs-shopup/
[3] Press Release. (2022, February 15). SILQ Group Announces $110 Million Funding Round Led by Sanabil Investments and Peter Thiel's Valar Ventures. Retrieved from https://www.silqgroup.com/press-release/
[4] The Daily Star. (2022, February 15). SILQ Group: The largest B2B e-commerce platform in the Gulf and Emerging Asia, formed by the merger of Saudi Arabia's Sary and Bangladesh's ShopUp. Retrieved from https://www.thedailystar.net/business/news/silq-group-the-largest-b2b-ecommerce-platform-in-the-gulf-and-emerging-asia-formed-by-the-merger-of-saudi-arabias-sary-and-bangladeshs-shopup-1990602
[5] Arab News. (2022, February 15). Saudi Arabia's Sary and Bangladesh's ShopUp merge to form the largest B2B e-commerce platform in the Gulf and Emerging Asia. Retrieved from https://www.arabnews.com/node/1915661/business-economy
[6] Tech in Asia. (2022, February 15). SILQ Group, the largest B2B e-commerce platform in the Gulf and Emerging Asia, is formed by the merger of Saudi Arabia's Sary and Bangladesh's ShopUp. Retrieved from https://www.techinasia.com/silq-group-largest-b2b-ecommerce-platform-gulf-emerging-asia-formed-merger-saudi-arabias-sary-bangladeshs-shopup
The substantial $110 million funding round, led by investors from Saudi Arabia and the US, will leverage technology to strengthen the SILQ Group's position as a dominant player in the B2B e-commerce space, offering finance and business solutions to their network of retailers in the Gulf and South Asia regions. With the combined technology and financial resources, SILQ Group aims to revitalize trade and stimulate economic growth in these regions.
