Ninja, a Saudi-based quick-commerce startup, has officially joined the unicorn club after securing $250 million in its latest funding round. The investment, led by Riyad Capital, pushed the company’s valuation to a whopping $1.5 billion, just three years after its launch.
A Rapid Rise to Unicorn Status
Founded in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja has quickly grown into one of the Gulf’s most recognizable delivery brands. The company specializes in on-demand delivery, offering everything from groceries and snacks to pet supplies, delivered quickly and efficiently across the region.
- Operates in Saudi Arabia, Bahrain, Qatar, and Kuwait
- Offers fast delivery of essentials and non-essentials alike
- Catapulted from startup to unicorn in under 3 years
The term “unicorn” refers to startups valued at over $1 billion, a status once considered as rare as the mythical creature itself. Ninja’s meteoric rise puts it in elite company within the MENA region’s startup ecosystem.
Backed by Riyad Capital
The $250 million funding was led by Riyad Capital, a powerhouse in Saudi Arabia’s financial scene. Known for supporting innovation, Riyad Capital is helping position Ninja as a major tech player in the region.
- Riyad Capital offers wide-ranging investment solutions
- Actively supports regional startups and digital innovation
- Sees Ninja as a high-growth, high-impact venture
This strategic backing underscores growing investor confidence in Saudi tech startups and the broader Gulf market.
IPO Plans on the Horizon
Looking ahead, Ninja has its eyes set on going public. The company is planning an IPO by 2027, aiming to list on the Saudi stock exchange (Tadawul). If successful, it would join the ranks of other anticipated tech listings like Tabby and Ejada Systems.
- IPO target set for 2027
- Follows a wave of Saudi tech companies preparing for public markets
- Signals long-term growth and capital market confidence
Why This Matters
Ninja’s funding round is more than just a startup success story, it reflects a major shift in the region’s venture capital landscape. According to data from Magnitt, Saudi startups raised $400 million in Q1 2025 alone. The Kingdom is quickly becoming a go-to destination for tech investment in the Middle East.
- Highlights Saudi Arabia’s emergence as a VC hotspot
- Aligns with national goals to diversify the economy
- Encourages more global investors to look to the Gulf
The Bottom Line
Ninja’s rise to unicorn status shows that the Gulf’s startup scene is not only thriving, it’s accelerating. With strong local backing, international ambitions, and a future IPO in sight, Ninja is a symbol of Saudi Arabia’s growing digital economy and its commitment to building a vibrant, tech-powered future.
