Saudi Arabia’s fast-delivery startup Ninja has officially joined the unicorn club after securing a $250 million funding round led by Riyad Capital, raising its valuation to around $1.5 billion. Founded in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja offers ultra-fast delivery of groceries, pet supplies, and essentials across Saudi Arabia, Bahrain, Qatar, and Kuwait, leveraging a network of over 100 “dark stores”.
Since its founding, the company has grown quickly, turning a profit in its core business and aiming to reach $1 billion in revenue by the end of this year (SaudiFoodTech.sa). With the support of strong investors, such as family offices and regional venture capitalists, Ninja intends to grow its network of dark stores to more than 200 locations and enter the pharmacy, cosmetics, perfumery, and telemedicine industries, providing on-demand medical consultations and 20-minute medication delivery.
Ninja’s recent investment round strengthens its readiness for a projected initial public offering (IPO) on the Tadawul (Saudi Stock Exchange) by 2027. Its meteoric rise underscores Saudi Arabia’s emergence as a venture capital hotspot, even amid a slowdown in global startup funding, with domestic VC investments.
More than just a commercial achievement, Ninja’s success highlights the growing need for speedy, tech-driven customer services in the GCC and represents a larger shift in the quick-commerce ecosystem. Ninja’s unicorn status is seen by market observers as a significant indication that Saudi Arabia is quickly becoming as a global centre for high-growth businesses and innovation.
