• Ninja, Saudi Arabia’s quick delivery startup, is exploring an IPO as early as 2026 after reaching a USD 1.5B valuation.
• The firm raised USD 250M this year led by Riyad Capital, cementing its status as one of the kingdom’s unicorns.
• Ninja’s potential listing joins a growing pipeline of Saudi tech IPOs, including Tabby and Tamara, amid Vision 2030 diversification.

Ninja

Saudi-based delivery service firm Ninja is looking for investment banks to advise on a potential initial public offering (IPO). This could take place as early as next year according to Bloomberg. It has also requested proposals from prospective underwriters and financial advisors for the deal. 

This comes after it raised USD 250 million bringing its valuation to around USD 1.5 billion. This made it the Kingdom’s latest tech unicorn. Furthermore, the round was led by Saudi-based asset manager Riyad Capital.

Delivery Service

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.

There are however no final decisions on the timing or size of the IPO. Furthermore, Bloomberg reports that it is entirely possible that the company could defer the deal to 2027. 

In its listing, Ninja is joining a growing list of technology companies preparing to go public in Saudi. These include fintech firms such as Tabby and Tamara. This is in alignment with Saudi’s push to foster a dynamic tech sector as it diversifies its economy beyond oil.

Bottom Line: Ninja’s potential IPO signals how Saudi Arabia’s startup ecosystem is maturing, with multiple firms eyeing public markets. The listing would underscore Saudi’s ambitions to position itself as a regional hub for tech growth and capital markets.