ShopUp, Bangladesh's largest B2B commerce platform, and Sary, the leading B2B marketplace and services platform in the Gulf, have announced their merger to form SILQ Group. This strategic union aims to revolutionize the B2B commerce landscape across Asia and the Gulf region.
Since their inception, ShopUp and Sary have collectively supported over 600,000 retailers, hotels, restaurants, cafés, and wholesalers, facilitating transactions exceeding US$5 billion. The merger is poised to enhance their capabilities and expand their reach, providing unparalleled services to their extensive network of clients.
The merger is backed by a substantial US$110 million funding round from a distinguished group of investors, including Sanabil Investments, a wholly owned company by Saudi Arabia's Public Investment Fund (PIF), Peter Thiel's Valar Ventures, Flourish Ventures, VSQ, MSA Capital, Rocketship VC, STV, Wafra Investment (owned by Kuwait PIFSS), Peak XV, Prosus, Tiger Global, Endeavor Catalyst, and Raed Ventures. New investors such as the Qatar Government-owned Qatar Development Bank also participated in this round.
The Walkers team, led by Tom Cochrane (Partner) and Reghard Smith (Senior Counsel), acted as Cayman Islands counsel, and worked alongside Latham & Watkins to provide legal expertise and support for Sary, both playing a pivotal role on this transaction.
"We are thrilled to have been part of this landmark merger," said Tom Cochrane, Partner at Walkers. "Our team worked diligently to navigate the complexities of this transaction, and we are proud to have contributed to the creation of SILQ Group, which is set to transform the B2B commerce sector."