# ShopUp and Sary Secure Tk 1,300 Crore in Saudi-US Funding, Merge to Boost Gulf-South Asia Trade

> Sary, the largest B2B platform in the Gulf, is merging with ShopUp, Bangladesh’s top-funded start-up, to introduce Bangladeshi products to Saudi Arabia. Backed by $110M funding, the merger aims to expand Gulf-South Asia…

Published: 2026-09-14 · Desk: Latest · Source: The Daily Star

Sary, the largest B2B marketplace and services platform in the Gulf, is merging with ShopUp, Bangladesh's most funded start-up, in a strategic move aimed at introducing Bangladeshi products to the Saudi market. Both companies primarily connect micro, small, and medium-sized businesses with wholesalers and manufacturers to streamline supply procurement.

ShopUp, Bangladesh's largest organized distributor of fast-moving consumer goods, operates over 200 hubs nationwide, while Sary has operations in Saudi Arabia, Egypt, and Pakistan. The merger highlights the significant role of the over 30 lakh Bangladeshis living in Saudi Arabia, who contribute substantially to Bangladesh’s economy.

With plans to expand beyond Saudi Arabia to other Middle Eastern countries, the merger is backed by a $110 million funding round led by Sanabil Investments (a Saudi Public Investment Fund subsidiary) and Peter Thiel's Valar Ventures. This funding will support the creation of Silq Financial, the group’s new financial arm focused on innovating SME funding solutions.

Afeef Zaman, CEO of Silq Group, emphasized that the merger positions the company to capitalize on the rapidly growing Gulf-South Asia trade corridor, projected to handle $682 billion in trade over the next decade. This strategic merger will solidify Silq Group as a leading global B2B commerce player by combining financial, logistics, and commerce services in one integrated platform.

Post-merger, ShopUp and Sary will continue to operate under their respective brands while leveraging Silq’s enhanced infrastructure and resources. Zaman will lead Silq Group, with Sary’s founder, Mohammed Aldossary, taking charge of Silq Financial. Ataur Rahim Chowdhury, ShopUp's co-founder, will become the CEO of ShopUp Bangladesh and lead the country’s operations.

This merger, marking Sanabil’s first investment in South Asia, reflects a bold vision to create a new commercial ecosystem connecting South Asia with the Middle East. Other investors include Flourish Ventures, Wafra from Kuwait, and Qatar Development Bank.

Original reporting: https://www.thedailystar.net/news/bangladesh/news/shopup-sary-merge-raise-110m-3866756?fbclid=IwY2xjawJi8sRleHRuA2FlbQIxMQABHjWUlTAPkANvhFqsUDghdLXwzEtXuTRGmxY--CUWhgPHjkeUhyXdYe4GoFOh_aem_t6Z3NEQJThR7_XEKzps_Vw
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