Ninja in Talks for a Billion-Dollar Valuation
Saudi Arabia’s quick commerce startup Ninja, founded by Ebrahim Al-Jassim, the visionary behind HungerStation, is in advanced talks to raise fresh funding at a valuation exceeding $1 billion, according to a Bloomberg report.
This funding round, expected to close as early as this month, is being led by Riyad Capital, the investment arm of Riyad Bank, one of Saudi Arabia’s largest financial institutions. Given the large size of the round, the investment will likely come from Riyad Capital’s main entity rather than its fintech-focused 1957 Ventures fund.
From Grocery to Food Delivery – Ninja Expansion
Founded in 2022 by Ebrahim Al-Jassim, Saud Al Qahtani, and Canberk Donmez, Ninja initially launched as a grocery delivery platform in Saudi Arabia. Since then, the startup has rapidly expanded, now offering services in Bahrain, Qatar, and Kuwait. Recently, it also introduced food delivery on its app, entering a competitive market dominated by established players.
According to Termsheet, Ninja has become Saudi Arabia’s largest grocery delivery service, generating hundreds of millions of dollars in annual GMV (Gross Merchandise Value). The company’s remarkable growth signals its potential to become a regional powerhouse in quick commerce.
Past Funding and Future Plans for Ninja
In December 2022, Ninja raised $30 million in a seed round, achieving a post-money valuation of $180–200 million. Now, with its latest round, the company is eyeing an ambitious valuation of over $1 billion.
Looking ahead, Ninja has big plans, including a potential public listing by 2027. With its rapid expansion and growing market share, the startup aims to solidify its position as a leader in the Middle East’s quick commerce industry.
Competition in Saudi’s Quick Commerce Space
Ninja is competing with some well-established names in Saudi Arabia’s online grocery and food delivery market, including:
- HungerStation – Founded by Ninja’s own Ebrahim Al-Jassim
- Nana – A strong player in online grocery delivery
- Jahez – One of Saudi’s leading food delivery platforms
- Careem – The UAE-based ride-hailing giant turned multi-service app
- Noon – One of the region’s largest e-commerce platforms
With this new round of funding, Ninja is positioning itself as a major disruptor, not just in Saudi Arabia but across the broader GCC region.
The Road Ahead
If the funding round is successful, Ninja will join the exclusive club of Saudi unicorns—startups valued at over $1 billion. The company’s rapid growth, strategic expansion, and strong investor backing make it one of the most exciting startups to watch in the Middle East’s quick commerce and delivery sector.
