Saudi Arabia-based dark store grocery delivery startup Nana has acquired the Rasseed application for an undisclosed value.
The acquisition comes after Nana raised $133 million in a Series C funding round led by Kingdom Holding and Uni Ventures, along with other investors in February 2023.
Sami Alhelwah, the founder and CEO of Nana, stated, “The uniqueness of Nana’s business model lies in its flexibility and ability to adapt to modern trends and the rapid developments in the Saudi market.”
He added, “This deal will open up new horizons for us in the digital cards market, one of the most promising and growing markets in the Kingdom, with a billion SAR. This investment step is crucial in achieving our profitability targets and ensuring sustainability.
With this acquisition, Nana aims to digitise the shopping experience in grocery stores and hypermarkets while supporting its expansion plan, which includes enhancing the scope of services and achieving a seamless customer experience.
Founded in 2016 by Abdulmajeed Alsukhan and Sami Alhelwah, Nana is a digital grocery shopping platform dedicated to fulfilling daily, weekly, and monthly household grocery needs.
Nana aims to leverage the combined capabilities and technical expertise of both companies by adding a “digital cards” category to the Nana app, enabling users to receive and recharge cards within seconds.
Additionally, the plan includes further developing the services currently available on the “Rasseed” app and expanding its categories to include gift cards, discount coupons, and shopping vouchers.
Founded in 2016, Rasseed is focused on providing software solutions to simplify the purchase of branded and local gift cards in KSA, including telecom, gaming, music, shopping cards, and more, through collaborations with over 37 regional and international suppliers.
Mohammed Alasta, the co-founder and CEO of Rasseed, commented, “Joining Nana represents a new beginning for an ambitious vision and marks an important leap in our ability to provide innovative digital services. This supports our commitment to offering the best solutions that meet our customers’ needs, enhance their experience, and increase our enthusiasm for the opportunities this deal will bring.”