Saudi Grocery Platform Nana Enters Court-Supervised Financial Reorganisation
Central Markets, the operator behind Saudi grocery-delivery app Nana, entered financial reorganisation proceedings before the Riyadh Commercial Court after raising more than $200 million across six rounds.
Central Markets, the operating company behind Saudi grocery-delivery platform Nana, has entered financial reorganisation proceedings before the Commercial Court in Riyadh, capping a difficult period for one of the Kingdom's earliest q-commerce pioneers. The court approved the reorganisation and the appointed trustee called on creditors to submit their claims within 90 days.
Nana raised roughly SAR 780 million (about $212 million) across six funding rounds between 2016 and 2023. Its largest round, worth SAR 500 million in 2023, was led by Kingdom Holding, with earlier backing from investors including STV.
Under Saudi law, financial reorganisation is distinct from liquidation. It is a court- and expert-supervised mechanism that allows a debtor to reach an agreement with creditors while continuing to operate. Nana had operated as many as 36 branches at its peak, later reduced to 16.