Riyadh - Sharikat Mubasher: Nana, the leading e-grocery delivery platform in Saudi Arabia and the MENA region, entered into a court-supervised financial restructuring process (FRP) after securing $200 million in total.
According to an official statement by the EISAR Bankruptcy Commission, Bankruptcy Trustee Majed Al Nemr announced that the Commercial Court in Riyadh has opened an FRP for Central Markets Company, the operator of Nana, and invited all creditors to submit their claims within 90 days.
Founded in 2016, Nana is the first online grocery marketplace in Saudi Arabia that supports hypermarkets and helps them showcase their inventory to millions of users. Its technology helps buyers enjoy a seamless remote experience from the comfort of their homes, where a shopper prepares the order and has it delivered to the user’s registered address.
In 2020, Nana announced the successful closure of an $18 million Series B funding round, led by STV, to bolster its growth. Two years later, the platform raised $50 million in an investment round led by FIM Partners and STV to solidify its operations and regional presence. A significant milestone in Nana’s journey was the closure of a $133 million Series C round, one of the largest investment rounds among Saudi startups.
To strengthen its operations, Nana signed a SAR 22 million deal with Al-Omran for Industry and Trade to outfit 50 new Nana branches across Saudi Arabia, aiming to enhance its operational efficiency and branch network.
