• Saudi’s Ninja raises USD 250M, hitting unicorn status with backing from Riyad Capital and a USD 1.5B valuation.
• Founded in 2022, Ninja delivers groceries and more across the Gulf; now gearing up for a 2027 IPO.
• The deal highlights Saudi Arabia’s growing role in MENA venture capital, with startups raising USD 400M in Q1 2025 alone.

Ninja

What happened? Saudi-based delivery firm, Ninja raised USD 250 million, making it the kingdom’s newest tech unicorn. The round was led by Saudi-based asset manager Riyad Capital.

This round brings the three-year old company’s value to around USD 1.5 billion, thus allowing it to reach unicorn status. 

So what is unicorn status? It usually refers to a startup company whose valuation exceeded USD 1 billion. The term was coined because such companies were once considered as rare as unicorns.

Who are they? Founded in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja is a quick commerce startup. It offers the prompt delivery of products covering everything from groceries to pet supplies. Furthermore, it currently operates across Saudi Arabia, Bahrain, Qatar, and Kuwait.

Meanwhile, Riyad Capital offers a wide range of investment products and solutions. Additionally, it is a prominent investor in the Middle East’s startup ecosystem. 

IPO

What is next? The company is preparing for its initial public offering (IPO) by 2027 as reported by Bloomberg

 In pursuing an IPO, Ninja would join other tech companies planning to list on the Saudi stock exchange. This includes Tabby and Ejada Systems which are both working on listing soon on the stock exchange.  

Why does this matter? This funding round is a reflection of Saudi Arabia’s emergence as a regional hub for venture capital. According to Magnitt, startups in the Kingdom attracted around USD 400 million in the first quarter of 2025. Furthermore, this is a step forward in Saudi Arabia’s efforts to develop a vibrant tech and startup scene.

Bottom line: Ninja’s latest funding round reflects continued investor interest in Gulf-based startups and the growing role of Saudi Arabia in regional venture capital.  Its planned IPO aligns with broader efforts to develop the Kingdom’s capital markets and diversify its technology sector.