In April 2025, the merger of ShopUp, the largest B2B commerce platform in Bangladesh, with Sary, a prominent B2B marketplace in the Gulf region, resulted in the creation of Silq Group. This merger was supported by a funding of US$110 million led by Sanabil Investments, a subsidiary of Saudi Arabia’s Public Investment Fund worth US$925 billion, in collaboration with Peter Thiel’s Valar Ventures and Tiger Global. Following the merger, the combined entity now serves over 600,000 businesses, has facilitated transactions exceeding US$5 billion, and has enabled financing of up to US$750 million across the Gulf and South Asia.
The strategic positioning of a company originating from Dhaka at the heart of a growing Gulf-South Asia trade corridor, projected to reach US$682 billion, is a deliberate move rather than a coincidence. A rising number of Bangladeshi founders are leveraging specific advantages to navigate and capitalize on this evolving landscape.
Examining ten diverse startups from Bangladesh, including Airwork, Apploye, Dorik, EzyCourse, GoZayaan, Markopolo, Monsha, MyAlice, Pathao, and ShopUp, reveals a common thread among them. These companies have effectively transformed Bangladesh into a hub for their operations, transcending traditional commercial boundaries.
For instance, Airwork caters to clients in the US, UAE, and Europe, boasting a clientele in 45 countries. Apploye has successfully established a workforce SaaS business across more than 60 countries. Dorik has garnered over 100,000 users globally, while EzyCourse competes with renowned global education platforms like Kajabi and Teachable.
The expansion efforts of these startups extend beyond borders, with GoZayaan venturing into Pakistan and Markopolo tapping into markets in the US, Japan, and Europe, earning accolades from prestigious platforms like HF0 in San Francisco, Forbes 30 Under 30 Asia, and LEAP 2024. Monsha serves users in the US, UK, Canada, and Australia, and has participated in the LAUNCH Accelerator after securing a US$125,000 pre-seed investment. MyAlice has expanded its operations into the MENA and Southeast Asia regions, while Pathao has made significant strides in Bangladesh and Nepal, raising over US$50 million in funding. ShopUp, now part of Silq Group, has introduced a marketplace and embedded finance model in the Gulf and Pakistan.
The standout performers in the global arena are predominantly focused on SaaS and AI-native businesses, leveraging software capabilities to transcend geographical constraints. South-east Asia and the MENA region have emerged as key expansion territories, while the US remains a prominent market for product-centric SaaS companies. The inclusion of Markopolo and Monsha in global accelerator networks signifies a notable shift where companies from Dhaka are being evaluated based on product quality rather than geographical origins.
Among these companies, four recurring characteristics stand out as defining patterns. Firstly, a product-centric approach is paramount, with companies like Dorik, Apploye, EzyCourse, MyAlice, and Markopolo prioritizing software product development over service-oriented models from inception. Secondly, an international corporate structure, often involving entities in Singapore or Delaware, is a common feature among globally competitive Bangladeshi startups, essential for payment infrastructure, investor confidence, and enterprise engagements.
Furthermore, founder composition plays a crucial role, with these companies typically comprising individuals with strong technical expertise from institutions like BUET, coupled with prior startup exposure, international experience, or business acumen. The synergy between technical prowess and business acumen equips these startups to compete effectively on a global scale.
Lastly, leveraging underserved markets for initial market penetration has proven to be a successful strategy for many of these startups. By targeting segments overlooked by larger players, companies like MyAlice and Airwork have gained early traction and established a solid foundation for expansion.
Bangladesh boasts an annual output of approximately 300,000 engineering and technology graduates, with BUET alumni employed at renowned global corporations. Despite the significant talent pool, the cost of technical expertise in Bangladesh remains substantially lower (70-85%) than in the US for senior engineering roles. This cost advantage, coupled with the expanding pool of technical talent in Bangladesh surpassing local demand, creates a structural advantage rather than a temporary cost differential.
By operating with a distributed model where a company sells SaaS products to customers in the US or Europe while building the engineering team in Dhaka, startups can achieve unit economics that are challenging for competitors based in cities like San Francisco or London to replicate. This cost arbitrage allows companies to reinvest in product development, marketing, and customer support, offering a competitive edge in the global market.
Airwork exemplifies this model by connecting global employers with skilled technical talent from emerging markets, reducing hiring costs significantly. The conventional notion of cracking the US market as the primary goal for emerging
