ShopUp Secures $110M: Startup Sets South Asian Record
Bangladeshi startup ShopUp is set to receive an investment of $110 million in what is being reported as the largest single-deal investment for any local startup. The news was first published Wednesday by the business news outlet Bloomberg.
The funding comes from SILQ Group—a newly formed joint venture between Saudi Arabia’s sovereign wealth fund-backed Sanabil Investments and Peter Thiel’s Valar Ventures. At the current exchange rate of BDT 122 per US dollar, the investment equals approximately BDT 13.42 billion.
According to reports, the newly formed SILQ Group is the result of a merger between Bangladesh’s largest B2B platform ShopUp and Gulf-based digital supply chain provider Sary. SILQ aims to expand operations across the Gulf and emerging Asian markets. Collectively, ShopUp and Sary have already facilitated transactions exceeding $5 billion and delivered over 100 million shipments.
Sources confirmed that the merger between ShopUp and Saudi-based Sary occurred through a share swap agreement. The official announcement of the new venture is expected during the inauguration of the ongoing investment summit in Dhaka.
Among the prominent backers of the SILQ Group are Qatar Development Bank, STV, Flourish Ventures, VSQ, MSA Capital, Rocketship VC, Wafra Investment, Peak XV, Prosus, Tiger Global, Endeavor Catalyst, and Red Ventures.
SILQ Group is targeting a public listing by 2027. Group CEO Afif Zaman stated, "The IPO potential is very promising in Gulf markets, particularly Saudi Arabia. As Sary and ShopUp have merged to form SILQ, the new company plans to expand its operations beyond Saudi Arabia into other Middle Eastern countries."
Mohammed Aldosari, CEO of SILQ’s financing division, said the company would now focus on achieving profitability within the next six months. He added, "Due to the tariff policies announced by former U.S. President Donald Trump, new market entry opportunities are emerging. This makes the current investment particularly lucrative."
With this latest round of $110 million, ShopUp has now raised a total of $311 million in funding. The wholesale tech platform had previously secured investments from global venture capitalists such as Valar Ventures (founded by Peter Thiel), Flourish Ventures (linked to eBay’s founder), Prosus (a key Tencent investor), Austria’s Speedinvest, Sequoia Capital, and New York-based Tiger Global.
