Saudi Arabia’s Shgardi App Announces Permanent Shutdown
Shgardi, a Saudi food-delivery app, has announced a permanent shutdown due to intense competition and market "price dumping."
The app has completed over seven million orders and served more than three million customers across 35 provinces and cities nationwide.
Shgardi is owned by Safari for Trading and Marketing Co., a closed joint-stock company based in Al-Khobar, with SAR 12 million in capital.
- Launched in early 2020
- Appointed Watheeq Capital as financial adviser for a planned capital increase via a listing on the Nomu-Parallel Market in late 2021
Market "price dumping" is cited as a reason for the shutdown.
Author summary: Shgardi app shuts down permanently.
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