In a region long defined by oil and traditional commerce, Saudi Arabia is now propelling a new kind of velocity with startups like Ninja.
The Riyadh-based quick-commerce platform has just closed a $250 million funding round led by Riyad Capital, catapulting its valuation to $1.5 billion and making it the Kingdom’s newest tech unicorn.
Founded in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja promises ultra-fast delivery of groceries and daily necessities across Saudi Arabia, Bahrain, Qatar, and Kuwait. But this isn’t just a delivery play. Ninja’s rapid growth speaks volumes about the shifting dynamics of consumer behavior, infrastructure investment, and venture appetite in the Gulf.
“The new capital will help Ninja expand operations, scale its logistics capabilities, and prepare for a public listing on the Saudi Exchange (Tadawul) by 2027,” the company said in a statement. “The company joins a growing list of Gulf tech firms eyeing IPOs as the region pushes for a deeper and more dynamic capital market ecosystem.”
It’s a major win for Riyad Capital, which is doubling down on local tech as Saudi Arabia positions itself as a global player in innovation and venture finance.
Key Highlights
- Ninja raised $250 million, led by Riyad Capital, reaching a $1.5 billion valuation.
- Riyad Capital’s backing reaffirms its role as a key institutional investor in the region’s tech rise.
- The company delivers 24/7 across Saudi Arabia, Bahrain, Qatar, and Kuwait.
- Ninja plans to go public by 2027 on the Saudi Exchange (Tadawul).
- The funding round underscores Saudi Arabia’s growing clout in MENA venture capital, with startups pulling in $400 million in Q1 2025 alone.
Fast delivery meets fast growth
Q-commerce (or quick commerce) has become one of the fastest-growing consumer categories worldwide. While some global players scale back amid rising costs, Ninja is going the opposite way: doubling down on logistics and regional expansion.
The startup has built a reputation for near-instant, around-the-clock service, tackling not only groceries but also household and personal essentials. It’s a model that requires tight operational control and deep infrastructure, particularly in a region where climate, traffic, and urban sprawl pose unique challenges.
What gives Ninja an edge? A deep understanding of local preferences, paired with a high-speed logistics backbone that’s been purpose-built for Gulf cities.
Success story: Early-Stage to Unicorn in less than 3 years
Ninja’s journey has been lightning-fast. After raising a pre-seed round in early 2023 led by Bunat Ventures and joined by U.S. and GCC investors, the company has scaled rapidly. Its latest raise is one of the largest single rounds for a startup in the region’s consumer tech space.
Riyad Capital’s involvement is also telling. As one of the Middle East’s leading asset managers, its investment offers both capital and market credibility—especially valuable as Ninja begins laying the foundation for a public listing.
IPO plans & broader Gulf ambitions
Ninja’s 2027 IPO target isn’t happening in isolation. It joins a growing cohort of Gulf startups, including fintech player Tabby and enterprise tech provider Ejada Systems, planning to go public on Tadawul as Saudi Arabia works to deepen and diversify its capital markets.
Saudi startups raised $400 million in the first quarter of 2025, indicating strong investor confidence in the region’s tech sector. That’s not just a win for individual companies, it’s a strategic signal of Saudi Arabia’s long-term commitment to innovation-led economic transformation.
Saudi Arabia achieved a record total Venture Capital (VC) deployment of $860 million (SAR3.2 billion) in the first half of2025, up by 116% year over year compared to the first half of 2024, according to data firm Magnitt.
Unlike many startups that expand globally before establishing a local presence, Ninja has focused on building strong regional operations. This approach has enabled the company to tailor its services to local needs and preferences, setting it apart in the competitive quick-commerce sector.
With fresh capital in hand, a unicorn valuation secured, and a public listing in sight, Ninja now stands as one of Saudi Arabia’s most closely watched tech companies.
