Saudi startup Ninja, founded by HungerStation's creator, in negotiations for a funding round valuing the company at over $1 billion: sources say
In a major milestone for the quick commerce sector, Ninja, a Saudi startup founded in 2022, has raised $250 million in a funding round led by Riyad Capital, the investment arm of Riyad Bank. This funding round has propelled Ninja's valuation to $1.5 billion, officially making it a unicorn.
Based in Saudi Arabia, Ninja has expanded its services to Bahrain, Kuwait, and Qatar. The company offers 60-minute delivery for groceries, beauty products, pharmacy items, household supplies, and pet supplies. Recently, it has also ventured into food delivery. Ninja claims to have achieved operational profitability and is generating close to $1 billion in annual revenue, likely referring to gross merchandise value (GMV).
The funding will enable Ninja to further expand its logistics and e-commerce operations within the Gulf region. The company is preparing for a potential initial public offering (IPO) on the Saudi stock exchange Tadawul by 2027. The funding round included participation from investors such as vii Ventures, Altia Investment, and Tamasuk Al Rajhi, alongside Riyad Capital.
Ninja's success is attributed to its custom-built operating system, which integrates technology, supply chain, and instant fulfillment, positioning it strongly in the competitive quick commerce space. The company was founded by Ebrahim Al-Jassim, Saud Al Qahtani, and Canberk Donmez.
Interestingly, Ninja is also behind the Riyad Taqnia Fund (RTF), a venture capital fund it founded with Taqnia in 2016. The investment in Ninja is expected to come from 1957 Ventures, despite it focusing on fintech.
This latest funding round and valuation mark significant milestones that enable strategic expansion and IPO readiness, reflecting growing investor confidence in Gulf-origin consumer tech startups and contributing to Saudi Arabia's Vision 2030 economic diversification.
Moreover, Ninja is in talks to raise fresh funds at a valuation of over $1 billion, indicating continued investor interest in the company's growth and potential.
Ninja's custom-built operating system, integrating technology and instant fulfillment, is a key factor in its strong position in the fast-paced quick commerce space. The startup, which operates in finance through the Riyad Taqnia Fund, is also preparing to expand its logistics and e-commerce operations with the help of technology-focused investors, such as 1957 Ventures (expected to participate in the next funding round).
