ShopUp Shows the Way for Small Entrepreneurs to Expand in Arabia
Bangladeshi wholesale marketplace platform ShopUp has expanded its global footprint by merging with Saudi Arabia-based tech-driven supply chain company Sary, forming a new entity named Silk Group last month. The newly formed group has already secured a significant foreign investment of $110 million, marking a major milestone in regional business integration and cross-border collaboration.
Against this backdrop, a stakeholder meeting was held on Saturday night at The Westin in Gulshan, Dhaka. The event brought together key business leaders and stakeholders to discuss global market expansion and entrepreneurship. Ataur Rahim Chowdhury, CEO of ShopUp Bangladesh, and Afif Zaman, CEO of Silk Group, shared insights into their entrepreneurial journeys and vision for scaling Bangladeshi brands globally.
Ataur Rahim elaborated on ShopUp’s early-stage growth and impact in Bangladesh, while Afif Zaman provided an overview of Sary’s market influence in Saudi Arabia. Highlighting the vision behind the merger, he said, “The initiative aims to pave the way for small Bangladeshi entrepreneurs to export their locally produced goods to Saudi Arabia. Through this platform, Bangladeshi producers can now supply their products directly to Saudi retail stores from home, opening new global market opportunities for Bangladesh.”
The event also featured a presentation from Hafizur Rahman, a Bangladeshi expatriate entrepreneur in Saudi Arabia, who shared how he marketed his puffed rice brand “Anas” using the ShopUp platform in the Saudi market.
The Governor of Bangladesh Bank, Ahsan H. Mansur, attended the event as the chief guest, while Mr. Mitchell Leo, Chargé d’Affaires of the Singapore High Commission in Dhaka, spoke as a guest of honor. The event concluded with closing remarks from Mamun Rashid, President of ShopUp.
In his speech, Dr. Salehuddin Ahmed stated, “To empower startups, the central bank has already created a co-financing fund worth BDT 500 crore. This fund will soon be used for 6-to-9-year term investments targeting small and cottage entrepreneurs. Domestic investment in startups is a critical issue, but attracting and securing foreign investment is even more challenging. However, we are committed to protecting foreign investors and are playing a catalytic role in this regard. Venture-type investments are essential to sustain startups, and technology plays a critical role in this. Without innovation in technology, no startup can survive.”
