Saudi q-commerce Nana acquires Rasseed app

  • Acquisition Announcement: Saudi q-commerce startup Nana has acquired the Rasseed application, enhancing its digital grocery shopping platform, although the acquisition amount remains undisclosed.

  • Company Profiles: Founded in 2016, Nana specializes in grocery delivery services, while Rasseed offers software solutions for purchasing various gift cards and collaborates with over 37 suppliers in the region.

  • Strategic Alignment: This acquisition is part of Nana’s strategy to digitize the shopping experience in grocery stores and support its expansion plans, including the introduction of a "digital cards" category in its app.

  • Funding Background: In February 2023, Nana raised $133 million in a Series C funding round, indicating strong investor confidence and financial backing for its growth initiatives.

  • Leadership Insights: Executives from both companies expressed optimism about the deal; Nana’s CEO highlighted the growth potential in the digital cards market, while Rasseed’s CEO emphasized the enhanced ability to provide innovative services through this partnership.

Saudi q-commerce Nana acquires Rasseed app

Arabic

  • Saudi Arabia-based dark store grocery delivery startup Nana has acquired Rasseed application 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, Rasseed, founded in Saudi Arabia in 2016, is focused on providing software solutions to simplify the purchase of branded and local gift cards.
  • This acquisition aligns with Nana’s direction of digitising the shopping experience in grocery stores and hypermarkets while supporting its expansion plan
  • In February 2023, Nana raised $133 million in a Series C funding round led by Kingdom Holding and Uni Ventures, along with other investors.

Press release:

Nana, a leading company in the digital shopping solutions sector, has recently acquired the “Rasseed” application. 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. 

This acquisition aligns with Nana’s strategic direction of digitising 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. 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. 

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.

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.”

Here is the information extracted from the article regarding the funds, investors, startups, founders, and fundraising series:

Startup Information

  1. Nana

    • Founded: 2016
    • Founders: Abdulmajeed Alsukhan, Sami Alhelwah
    • Focus: Digital grocery shopping platform
  2. Rasseed
    • Founded: 2016
    • Founder: Mohammed Alasta
    • Focus: Software solutions for purchasing branded and local gift cards

Acquisition

  • Acquisition: Nana has acquired the Rasseed application for an undisclosed value.

Recent Fundraising

  • Series: Series C
  • Amount Raised: $133 million
  • Date: February 2023
  • Leading Investors:
    • Kingdom Holding
    • Uni Ventures
    • Other unnamed investors

Additional Comments

  • Sami Alhelwah, CEO of Nana, commented on the strategic benefits of the acquisition and its role in digitizing the shopping experience and expanding into the digital cards market.
  • Mohammed Alasta, CEO of Rasseed, highlighted the ambition and innovative potential of the acquisition.

This information encapsulates the key aspects of the article related to the startups, founding teams, recent fundraising, and the acquisition itself.

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