Ninja raises $250 million, hits unicorn valuation ahead of planned IPO

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  • Funding and Valuation: Saudi quick-commerce platform Ninja has raised $250 million, led by Riyad Capital, achieving a valuation of $1.5 billion and unicorn status.

  • Services Offered: Established in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja provides grocery and essential deliveries across Saudi Arabia, Bahrain, Qatar, and Kuwait.

  • Future Plans: The company aims to go public by 2027 on the Saudi Exchange (Tadawul), as it prepares to join other Gulf tech firms pursuing IPOs.

  • Previous Funding: Earlier in 2023, Ninja secured a pre-seed round with participation from Bunat Ventures and various regional and international VCs.

  • Market Impact: The funding highlights Riyad Capital’s significant role in supporting MENA startups and reflects Saudi Arabia’s emerging position as a venture capital hub.

  • Saudi Arabia-based q-commerce Ninja has raised $250 million in a funding round led by Riyad Capital, reaching a $1.5B valuation and achieving unicorn status.

  • Founded by Saud Al Qahtani and Canberk Donmez, Ninja is a quick-commerce (q-commerce) service that delivers groceries and daily essentials across Saudi Arabia, Bahrain, Qatar, and Kuwait.

  • The company plans to go public by 2027, joining other Gulf tech firms preparing for IPOs on Tadawul.

  • In early 2023, Ninja raised a pre-seed round led by Bunat Ventures, along with multiple VCs from the region, the US, and family offices in Saudi.

Press release:

Saudi Arabia’s quick-commerce platform Ninja has raised $250 million in a funding round led by Riyad Capital, pushing its valuation to $1.5 billion and cementing its status as the Kingdom’s latest tech unicorn.

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’s rapid ascent underscores the region’s growing appetite for fast, tech-enabled consumer services.

The new capital will help Ninja expand operations, scale its logistics capabilities, and prepare for a public listing on the Saudi Exchange (Tadawul) by 2027. The company joins a growing list of Gulf tech firms eyeing IPOs as the region pushes for a deeper and more dynamic capital market ecosystem.

The deal also highlights Riyad Capital’s role as a leading institutional backer of MENA startups and Saudi Arabia’s rising stature as a venture capital hub.

 

Here’s a structured list based on the provided information about the startup Ninja:

Funds

  • Riyad Capital (Lead investor)
  • Bunat Ventures (Lead investor in pre-seed round)

Investors

  • Riyad Capital
  • Bunat Ventures
  • Multiple VCs from the region and the US
  • Family offices in Saudi Arabia

Startup

  • Name: Ninja
  • Sector: Quick-commerce (q-commerce)
  • Founded: 2022
  • Headquarters: Saudi Arabia

Founders

  • Saud Al Qahtani
  • Canberk Donmez

Fundraise Series

  • Recent Funding Round: $250 million led by Riyad Capital
  • Valuation: $1.5 billion (achieving unicorn status)
  • Pre-seed Round: Early 2023 (led by Bunat Ventures)

Future Plans

  • Intended IPO: By 2027 on the Saudi Exchange (Tadawul)

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