Saudi Arabia's thriving startup, Ninja, successfully raises SAR 1 billion in funding
In a significant development for the Saudi Arabian tech sector, quick-commerce (Q-Commerce) platform Ninja has secured a SAR 1 billion ($250 million) investment led by Riyad Capital. This investment pushes Ninja's valuation to $1.5 billion, marking its entry into the ranks of unicorn startups [1][2][3].
Founded in 2022, Ninja has rapidly grown to become a market-leading digital retail platform, offering a wide range of services including groceries, personal care, digital pharmacy, and restaurants. The company has already established a strong presence in Bahrain, Qatar, and Kuwait, and plans to expand within these Gulf Cooperation Council (GCC) markets [2][3][4].
### Expansion Strategy
Ninja's growth strategy is twofold. Firstly, the company aims to expand its operations across Saudi Arabia by entering new cities and scaling its presence across the Kingdom. Secondly, it plans to grow its digital pharmacy offerings alongside its core grocery and daily essentials delivery services, indicating a strategic focus on broadening its product categories to capture more market segments [1].
The fresh capital will be used to enhance Ninja’s technology infrastructure and strengthen its logistics capabilities to maintain speed and reliability, with an average delivery time targeted under 20 minutes. This includes further investment in micro-fulfillment centers and operational efficiencies [1][4].
### Future Plans
Looking ahead, Ninja is preparing for an initial public offering (IPO) on the Saudi Exchange (Tadawul) by 2027 as part of its growth trajectory and to deepen its presence in the Saudi and regional capital markets [2]. Beyond the immediate GCC countries, Ninja is exploring new markets within the broader Middle East and North Africa (MENA) region, aiming to leverage the rising demand for quick-commerce and digital retail services [4].
Mohammed Alarifi, Managing Director of Private Equity and Venture Capital at Riyad Capital, has stated that Ninja embodies the innovation and entrepreneurial spirit of Saudi Arabia's startup ecosystem [5]. The investment reflects Riyad Capital's broader commitment to supporting Saudi Arabia's tech sector and its ambition to position Ninja at the forefront of Saudi Arabia’s rapidly evolving retail and logistics landscape [1][2][4].
Sources: [1] https://www.arabnews.com/node/1940121/business-economy [2] https://www.arabnews.com/node/1940111/business-economy [3] https://www.arabianbusiness.com/companies/ninja-raises-sar1bn-led-by-riyad-capital-to-accelerate-growth-and-scale-platform-across-saudi-arabia-962027-1 [4] https://www.zawya.com/mena/en/business/story/Saudi_Arabia_s_Ninja_raises_SAR1bn_led_by_Riyad_Capital_to_accelerate_growth_and_scale_platform_across_Saudi_Arabia-ZAWYA20230126090000/ [5] https://www.arabnews.com/node/1940111/business-economy
- The fresh investment will allow Ninja, a unicorn startup, to broaden its product categories in food, personal care, digital pharmacy, and restaurants, as part of its strategy to capture more market segments.
- With the funding, Ninja plans to leverage technology to improve its logistics capabilities, aiming for an average delivery time under 20 minutes, particularly in the areas of technology infrastructure and micro-fulfillment centers.
- Beyond the Gulf Cooperation Council markets, Ninja is exploring other markets within the Middle East and North Africa region, specifically targeting the rising demand for quick-commerce and digital retail services.
