Saudi-Based Ninja Eyes $1B+ Valuation in New Funding Round

Saudi quick commerce startup Ninja is in talks to raise funds at a valuation exceeding $1 billion, with Riyad Capital leading the round. Operating in Saudi Arabia, Bahrain, Qatar, and Kuwait, Ninja is also eyeing an IPO by 2027, signaling strong investor interest in tech-enabled businesses with a clear path to public listing.

Riyad Capital, a key player in the region’s startup ecosystem, has backed firms like Foodics, Sure Global Tech, and Unifonic.

⏪ Background

Founded by Ebrahim Al-Jassim, the HungerStation founder has made a quiet but significant comeback with Ninja, which has grown to become Saudi’s market leader in quick commerce within three years.

The startup initially secured pre-seed funding from Bunat Ventures, followed by a $30 million seed round with investors like Ground Up Ventures, Bunat Ventures, and VEST Investment Company.

In 2024, Ninja expanded beyond groceries and essentials, launching food delivery, directly competing with Delivery Hero’s HungerStation and other players in the region.