Bangladeshi startup 'ShopUp' receives $110m investment

Bangladeshi B-to-B startup company 'ShopUp' has merged with 'Sary', a technology-based supplier company based in Saudi Arabia, to form a new company.

The new company has been named ‘Silq Group’.

ShopUp received an investment of $110 million immediately after the formation of the new group. At the current exchange rate of dollar, it amounts to Tk 1,342 crore. In addition, it is expected that the 'Silq Group' will facilitate the entry of Bangladeshi products into the Saudi market.

Abul Kalam Azad Majumdar, Deputy Press Secretary to the Chief Advisor, revealed the information on Wednesday (April 9) evening.

He said merging with Saudi Arabia-based supplier company 'Sary' to form a new company, ShopUp is creating a growing presence in the Gulf Cooperation Council (GCC) region. This is a clear signal that Bangladeshi startups are ready for the global stage.

He added that to accelerate this momentum, Bangladesh Bank has pledged a historic startup funding initiative of Tk 800 crore. Equity of this fund and Tk 400 crore will be provided as debt.

Bangladesh Bank believes that this fund will act as a catalytic enabler for early and growing startups, empowering local founders to innovate, skill up, and compete globally.