Bangladeshi business-to-business commerce platform ShopUp has merged with Saudi Arabia-based tech-driven supply chain company Sary, forming a new commercial entity named the Silk Group.
The newly formed group has already secured a substantial $110 million investment, equivalent to approximately Tk13,420 crore, according to a report published by Bloomberg on Wednesday (9 April).
The funding round is being spearheaded by Sanabil Investments - a wholly owned subsidiary of Saudi Arabia’s $925 billion Public Investment Fund (PIF)—alongside Valor Ventures, founded by billionaire entrepreneur Peter Thiel.
The investment consortium also includes entities such as the Qatar Development Bank.
Silk Group is the result of a strategic merger between ShopUp, Bangladesh’s largest B2B platform, and Sary, a leading player in the Gulf region.
The unified entity aims to expand its footprint across the Middle East and high-growth markets in Asia.
Despite the merger, both ShopUp and Sary will continue operating under their respective names in their local markets.
Ownership, however, will be consolidated under the Silk Group umbrella.
Speaking on the company’s future, Afif Zaman, chief executive officer of Silk Group, revealed plans to list on the stock exchange by 2027.
“We believe the Gulf IPO market, particularly in Saudi Arabia, offers exhilarating prospects,” he remarked.
The company also plans to expand its operations beyond Saudi Arabia to other Middle Eastern countries, capitalising on emerging economic opportunities in the region.
Meanwhile, Mohammed Aldosari, CEO of Silk Financial, the group's financing arm, stated that over the next six months, the group would focus on hitting strategic milestones.
He further suggested that the broad tariffs introduced during Donald Trump’s presidency could work in Silk’s favour, as exporters seek alternative markets.
