Sary, the main Saudi B2B ecommerce market, and ShopUp, Bangladesh’s largest B2B commerce platform, have merged to type Silq Group, creating what they are saying is the biggest B2B commerce platform serving the fastest-growing shopper markets throughout the Gulf and Rising Asia, the corporate introduced right this moment.
The merger is backed by a $110 million funding spherical led by Sanabil Investments, a completely owned firm by Saudi Arabia’s Public Funding Fund (PIF), and Peter Thiel’s Valar Ventures.
The funding consists of each fairness funding and a financing facility for Silq Monetary, the group’s newly established monetary providers arm. The breakdown of fairness and debt was not disclosed. The spherical additionally noticed participation from new buyers together with Qatar Improvement Financial institution, owned by the Qatar Authorities.
Each Sary, the Saudi B2B e-commerce platform, and ShopUp, from Bangladesh, have raised over $110 million every. Sary’s complete features a $75 million Sequence C in 2021, whereas ShopUp secured $75 million in Sequence B that very same 12 months, together with over $30 million in debt financing raised individually.
Collectively, ShopUp and Sary have served over 600,000 retailers, lodges, eating places, cafes, and wholesalers, impacting tens of thousands and thousands of consumers in mom-and-pop store communities. The mixed community has processed over $5 billion in transactions and exceeded $750 million in embedded financing disbursements, whereas facilitating 100 million shipments.
Following the merger, each ShopUp and Sary manufacturers will proceed to function of their respective geographies underneath their current model names, whereas leveraging Silq’s infrastructure and mixed capabilities.
ShopUp’s Founder & CEO, Afeef Zaman, will function Silq Group CEO, whereas Sary’s Founder & CEO, Mohammed Aldossary will lead Silq Monetary as CEO.
“By way of this merger, we’re coming into what’s set to grow to be one of many world’s largest commerce corridors; projected to achieve $682 billion. We’re within the entrance seat to serve a number of the most fun, fast-growing economies which can be set to form world consumption within the coming many years, giving them higher entry to merchandise from all over the world,” mentioned Afeef Zaman, CEO of Silq Group.
Mohammed Aldossary, CEO of Silq Monetary, added, “By merging our strengths, we’re not simply increasing our attain – we’re revolutionizing how digital commerce serves Gulf’s retailers and South Asia producers. This alliance brings collectively the most effective of each worlds: deep regional experience and world-class expertise to empower each enterprise in our ecosystem the place monetary providers are a cornerstone.”
A spokesperson at Sanabil Investments commented, “Silq is poised to grow to be a number one B2B commerce participant each regionally and globally. It addresses quite a few challenges confronted by B2B companies in search of a completely built-in platform that mixes monetary, logistics and commerce providers.”
The newly fashioned group plans to ascertain a powerful presence in Qatar to increase its choices to SMEs within the nation. Silq’s investor base consists of distinguished names akin to Flourish Ventures, VSQ, MSA Capital, Rocketship VC, STV, Wafra Funding (owned by Kuwait PIFSS), Peak XV, Prosus, Tiger International, Endeavor Catalyst, and Raed Ventures.
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