Saudi q-commerce Nana acquires Egyptian fintech Raseedi
Saudi q-commerce Nana acquires Egyptian fintech Raseedi
- Saudi Arabia-based dark store grocery delivery startup Nana has acquired Egypt-based fintech Raseedi for an undisclosed value.
- 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. Meanwhile, Raseedi, founded in 2018 by Ahmed Atalla and Samuel Samy, is a fintech specialising in digital card solutions
- The acquisition will enable Nana to add a digital card category to its app, which will allow users to purchase digital cards directly through the app.
- In February 2023, Nana raised $133 million in a Series C funding round led by Kingdom Holding and Uni Ventures, along with other investors.
Source: EntArabi
Nana E-commerce has announced its acquisition of Raseedi, a company specialising in digital card solutions. Although the value of the deal has not been disclosed, this move represents a significant step for Nana in strengthening its services and expanding into new markets.
According to Nana’s announcement, the company plans to add a digital card category to its app. This will allow users to purchase digital cards directly through the app, contributing to the diversification of services within the e-commerce sector and enhancing the company’s presence in new markets.
Nana was founded in 2016 by Ahmed Al Samani, Sami Al Hulwa, and Abdulmajeed Al Sayeghan. Interestingly, the same year saw the founding of Raseedi, making this acquisition a synergistic step that enables Nana to offer innovative digital solutions.
It’s worth noting that Nana closed one of the region’s largest investment rounds last year, raising approximately SAR500 million in a Series C round, led by Kingdom Holding and Uni-Ventures.
With this new acquisition, Nana hopes to leverage Raseedi’s solutions to enhance its presence in the e-commerce sector, enabling it to offer new and diverse services that meet the needs of users in Saudi Arabia and beyond.
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