Saudi Arabia’s quick commerce platform Ninja has raised $250 million in a pre-IPO funding round, achieving a $1.5 billion valuation and unicorn status in just three years. The funding round, led by Riyad Capital, positions the company for a planned public offering on the Saudi Exchange by 2027.
Ninja’s Rapid Growth in Saudi Quick Commerce Market
Founded in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja delivers groceries and daily essentials across Saudi Arabia, Bahrain, Qatar, and Kuwait. The startup operates in the quick commerce sector, providing rapid delivery of products ranging from groceries to pet food through its mobile platform.
The company’s journey to unicorn status began with a pre-seed funding round in January 2023, led by Bunat Ventures. By December 2022, Ninja had already secured $30 million in seed funding at a valuation of $180-200 million. This demonstrates the rapid investor confidence in the platform.
Quick Commerce Market Expansion Drives Investor Interest
The Middle East quick commerce market presents significant growth opportunities, with projections showing the sector will reach $2.9 billion by 2032. Saudi Arabia’s Q-commerce market alone is expected to grow from $450 million in 2024 to $1.34 billion by 2030, representing a compound annual growth rate of 19.9%.
This growth trajectory reflects changing consumer preferences in the region, with customers increasingly demanding faster delivery times for everyday essentials. The MENA Q-commerce market is projected to become a $6 billion opportunity by 2025, accounting for more than 10% of online retail in the region.
Saudi Arabia’s Growing Unicorn Ecosystem
Ninja joins an expanding list of Saudi Arabian unicorns, including fintech companies Tabby and Tamara. The kingdom now hosts several billion-dollar startups, reflecting the success of government initiatives to diversify the economy beyond oil dependency.
Saudi startups attracted nearly $400 million in the first quarter of 2025 alone, according to data from Magnitt. This surge in venture capital activity demonstrates the kingdom’s emergence as a regional hub for technology investment and startup development.
Riyad Capital’s Strategic Investment Focus
Riyad Capital, the lead investor in Ninja’s funding round, has established itself as a prominent player in the Middle East startup ecosystem. The firm has previously invested in technology companies including Foodics and Unifonic, and launched one of Saudi Arabia’s first venture capital vehicles, the Riyad Taqnia Fund, in 2016.
The investment firm’s backing of Ninja aligns with its strategy of supporting high-growth technology companies that address local market needs while having regional expansion potential.
IPO Plans Target 2027 Public Listing
Ninja’s funding round prepares the company for its planned initial public offering on the Saudi Exchange (Tadawul) by 2027. The company joins other Gulf tech firms eyeing public listings as the region develops deeper capital markets.
The Saudi bourse has experienced significant IPO activity in 2025, with companies raising just under $2 billion through new listings. Tadawul’s CEO Mohammed Al-Rumaih has indicated expectations for a record year of listings, with 21 companies planning to list across the MENA region.
Vision 2030’s Tech Sector Development
The success of companies like Ninja supports Saudi Arabia’s Vision 2030 initiative, which aims to transform the kingdom into a global investment hub and reduce dependence on oil revenues. The strategic framework prioritizes developing a vibrant technology and startup ecosystem as part of broader economic diversification efforts.
Government initiatives under Vision 2030 have created favorable conditions for venture capital investment and startup growth, with infrastructure development and regulatory reforms supporting the technology sector’s expansion.
Future Growth Strategy and Market Position
The new funding will enable Ninja to strengthen its market position through operational expansion and technology improvements. The company plans to invest in logistics infrastructure, expand its product catalog, and enhance its delivery network efficiency.
Industry analysts expect continued consolidation in the Middle East quick commerce sector, with well-funded players like Ninja positioned to capture market share through strategic acquisitions and organic growth initiatives.
The funding round demonstrates investor confidence in Ninja’s ability to capitalize on the growing demand for convenient, fast delivery services in the Gulf region, while the planned IPO provides a clear path for eventual investor exits.
