Discussion Underway for Saudi Getting-Food-Fast Startup Ninja, Founded by HungerStation's Mastermind, to Secure a Valuation Exceeding $1 Billion: As Statement
Ninja, the quick commerce startup founded in 2022, has achieved a valuation of approximately $1.5 billion following a $250 million funding round. The investment was led by Riyad Capital, marking Ninja's entry into the exclusive club of startups valued at over $1 billion, also known as unicorns.
The funding round, which could be finalized and closed this month, will help Ninja expand its operations and logistics capabilities as it prepares for an initial public offering (IPO) targeted for 2027 on the Saudi Exchange (Tadawul).
The quick commerce startup, founded by Saud Al Qahtani, Canberk Donmez, and Ibrahim Aljassim, currently operates in Saudi Arabia, Bahrain, Qatar, and Kuwait. It offers rapid delivery services for groceries and daily essentials, and has grown to become the country's largest grocery delivery service, generating hundreds of millions of dollars in annual GMV.
In addition to its core business, Ninja is also behind Riyad Taqnia Fund (RTF), a venture capital (VC) fund it founded with Taqnia in 2016. Ebrahim Al-Jassim, who is the founder of both Ninja and HungerStation, is at the helm of the company's operations.
The investment for Ninja is likely to come from Riyad Capital, the investment arm of Riyad Bank, and not from 1957 Ventures, which focuses on fintech. The funding round reflects both Ninja's rapid growth and Saudi Arabia's increasing prominence as a venture capital hub in the Middle East and North Africa (MENA) region.
Ninja made headlines in December 2022 when it raised $30 million in a seed round at a post-money valuation of $180-200 million. With the latest funding round, the startup has significantly increased its valuation, solidifying its position in the quick commerce market.
As Ninja looks towards its IPO, it is set to continue its rapid expansion and solidify its position as a leader in the quick commerce sector in the MENA region.
- The funding round, aimed at boosting Ninja's logistics capabilities in preparation for a 2027 IPO on the Saudi Exchange, also highlights Saudi Arabia's growing influence as a hub for technology-driven lifestyle investments, particularly in the quick commerce sector.
- Recognized as the country's largest grocery delivery service, Ninja has not only revolutionized immediate lifestyle needs but also ventured into the realm of finance by founding the Riyad Taqnia Fund (RTF), a testament to its ambitious investment strategies in finance and technology.
