KSA-Based Ninja Becomes Unicorn After US$250 Million Raise
A Bloomberg report says that the quick delivery company is also preparing for an initial public offering (IPO) by 2027.
Saudi Arabia-based quick commerce company Ninja has reached unicorn status after raising approximately US$250 million in a funding round led by Riyad Capital, Bloomberg reported, citing anonymous sources in the know.
With this funding round, which brings the company’s valuation to about $1.5 billion, Ninja is positioned to expand its presence in logistics and e-commerce, as it works toward a potential listing on the Saudi stock exchange, Tadawul, by 2027.
Founded by Ibrahim Aljassim, Saud Al Qahtani, and Canberk Donmez in KSA in 2022, Ninja operates in Saudi Arabia, Bahrain, Qatar, and Kuwait, providing rapid delivery services for products including groceries and pet supplies. The company is preparing for an initial public offering (IPO) by 2027, according to previous reporting also by Bloomberg.
The deal comes as Saudi Arabia continues to draw interest from regional investors, with startups in the Kingdom attracting nearly $400 million in the first quarter (Q1) of 2025, according to venture data platform MAGNiTT. With this raise, Ninja joins a small but steadily increasing group of Saudi-based unicorns, including fintech firms Tabby and Tamara, as well as digital wallet provider stc Pay.
The development also supports Saudi Arabia’s Vision 2030, which focuses on diversifying the economy away from oil and supporting the growth of the local technology sector.
Pictured in the lead image is the Ninja team with H.E. Eng. Abdullah Amer Alswaha, KSA Minister of Communications and Information Technology. Image courtesy Ninja.
