Saudi grocery delivery platform Naanana has entered a court-supervised financial restructuring phase. This marks a significant turning point for one of the Kingdom's leading e-commerce players. The Commercial Court in Riyadh has officially begun the restructuring procedures for Central Markets Company, which operates the Naanana platform. This follows an announcement by the bankruptcy trustee, Majid bin Munir Al-Nimr. The company was founded in 2016 and quickly established a strong presence in the Saudi e-grocery market. Before this, it successfully raised over $200 million across five funding rounds. This included a Series C round worth $133 million, led by Kingdom Holding Company and Uni-Ventures, which was one of the largest funding rounds for startups in the Kingdom at the time. The ongoing legal proceedings aim to restructure the company's debts and allow it to continue operations, rather than being liquidated. This is an effort to reset its financial and operational path.
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