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Riyadh-based Q-commerce startup Nana has successfully raised $50M in its latest funding round led by FIM Partners and STV. The latest funding round, which brings their total fundraise up to $80M to date, also observed participation from new and existing investors including Quencia Capital, Faith Capital, Jahez – the food delivery company which recently went public on Nomu Saudi Stock Exchange, Sunbulah Group, and other strategic investors alongside participation from initial investors including MEVP and Impact46.
Founded in 2016, Nana had launched on a mission to provide households with a convenient solution to fulfill their grocery needs online, through a network of micro fulfillment centers or Dark Stores fully stocked with up to 2,000 SKU’s. NanaExpress ensures that all daily grocery needs are delivered straight to customers’ doorsteps within 15 mins. This infamous business model has been disrupting traditional grocery stores, and for Nana it supports the founders’ vision of elevating the e-grocery industry both locally and regionally, contributing to its rapid growth within Online Groceries to claim a market leader position with 18% market share.
With 3 Mega Deals by Turkey-based delivery network Getir, 1 Mega Deal by Egypt-based logistics startup and micro-crediting service provider Halan, and the highest funding round in Pakistan to date closed by delivery startup Airlift, the Transport & Logistics (T&L) sector across EVMs has captured investor attention in 2021. As recorded in our State of Startup Funding- 2022 Emerging Venture Markets Report, available for download, these major rounds drove the 550% YoY growth in VC funding over 2021, to make T&L the second most-funded industry across EVMs. Over 2021, sizable funds have been raised by on-demand delivery startups and Q-commerce propositions across MENAPT, even in SEED and Pre-SEED stages. Q-commerce startups design a mix of well-placed dark stores or fulfillment centers and integrate fleet management technologies to dispatch products in short delivery windows ranging from 30 minutes in the case of Pakistan-based Airlift to 10 minutes in many other cases like Pakistan-based Krave Mart or Egypt-based Rabbit. Q-commerce startups have taken a front seat in the E-commerce & Delivery space across MENA last year, where startups like UAE-based Yalla Market, Egypt-based Goodsmart, and Breadfast raised major rounds last year and set the bar for the level of speed in this competitive space.
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On the other hand, NanaHyper’s wide selection of 40,000 SKU’s provides households with the perfect solution to shop for their weekly and monthly groceries with the utmost convenience and superior quality of products and prices. Today, 90% of Riyadh’s daily grocery needs are covered through NanaExpress with plans to cover 100% of Riyadh in addition to Saudi Arabia’s main cities throughout the year. In light of this platform boosting investment, Sami Alhelwah, Nana’s Co-Founder & Chief Executive Officer stated, “We exist to empower every household with a convenient solution that seeks to fulfill their daily, weekly, or monthly grocery needs and have been on this mission ever since we launched Nana back in 2016. Since then, we have sought every opportunity to expand our coverage, optimize our operations and enhance our user experience in the pursuit of this goal and that is why we’re excited to work closely with our investors who share this vision and have an unwavering commitment to elevating the online grocery shopping experience both Locally and Regionally.” Sami also added, “Our expansion has resulted in rapid double-digit growth week over week, and the current fundraise will sustain this growth for a considerable time”.
With a drive and sights on elevating the e-grocery industry in the Kingdom and the Region, Nana will mobilize the investment round proceeds to solidify and establish its operations and presence regionally with a target of 150+ Dark Stores by 2022, most are in Saudi to cover all the main cities within the Kingdom. Ankit Sarwahi, Managing Director at MEVP, initial investors in the KSA-based startup, concluded, “We are committed to the cause of bringing top-notch experiences to MENA users through our investments and Nana is a prime example of our vision. We will continue to be passionately behind this team in their relentless pursuit of the quick commerce market.”
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