Sary and ShopUp Unite to Launch Silq, Backed by $110M Investment
E-commerce enablers Sary (KSA) and ShopUp (Bangladesh) are merging to form Silq, a new platform aimed at revolutionizing B2B e-commerce and financial services for small businesses in emerging markets. The new entity has secured $110 million in funding to fuel its expansion.
Key Details
Merger: Sary and ShopUp are combining their operations to create Silq.
Focus: B2B e-commerce and financial services for SMEs in emerging markets.
Funding: $110 million raised to support the launch and expansion of Silq.
Leadership: The leadership team will comprise of the original founders and key leaders from both Sary and ShopUp.
Strategic Rationale
The merger between Sary and ShopUp reflects a shared vision of empowering small businesses through technology and financial inclusion. By combining their strengths, Silq aims to offer a comprehensive suite of services, including:
E-commerce platform: Streamlining procurement and supply chain management.
Financial services: Providing access to credit, payments, and other financial tools.
Data analytics: Offering insights to help businesses make informed decisions.
This combination will create a stronger, more competitive player in the rapidly growing B2B e-commerce space, especially in regions like MENA and South Asia.
Market Opportunity
Emerging markets present a significant opportunity for B2B e-commerce platforms. Millions of small businesses often face challenges related to inefficient supply chains, limited access to financing, and a lack of digital tools. Silq aims to address these pain points by providing a unified platform that simplifies operations and unlocks growth opportunities. The combined entity hopes to leverage the individual regional knowledge that both companies have and expand it to other emerging markets.
About Sary
Sary is a B2B e-commerce platform that connects small retailers with a wide range of suppliers in Saudi Arabia. It provides a seamless procurement experience, enabling retailers to order products online, manage inventory, and access financing options. The company has experienced rapid growth since its launch, driven by the increasing adoption of digital solutions among small businesses in the region.
Looking Ahead
With the launch of Silq and the backing of $110 million in funding, the company is well-positioned to capitalize on the growing demand for B2B e-commerce and financial services in emerging markets. The company plans to invest in technology, talent, and market expansion to further strengthen its platform and reach more small businesses. The success of Silq will depend on its ability to effectively integrate the operations of Sary and ShopUp, execute its growth strategy, and adapt to the unique needs of different markets.
Source: Wamda