Saudi-based Jahez Group is acquiring a 76.56% stake in Snoonu, the leading e-commerce and delivery platform in Qatar, for $245 million in a mixed cash and share transaction. The agreement marks one of the region’s largest private startup M&A deals to date, valuing Snoonu at $320 million post-money and cementing its status as Qatar’s first tech startup to surpass a QAR 1 billion valuation.
Under the terms of the deal, Jahez will purchase 75% of Snoonu’s equity from existing shareholders for $225 million, paid partly in cash and partly in Jahez shares. It will also inject an additional $20 million into the business in exchange for newly issued shares representing a further 1.56% stake.
Following completion, Jahez will hold 76.56% of Snoonu’s share capital, while Snoonu’s founder, Hamad Al-Hajri, will retain the remaining 23.44%, the statement said.
Founded in 2019, Snoonu has grown into a multi-vertical super-app offering food delivery, e-commerce, and logistics services. The company reported a gross merchandise value (GMV) of QAR 1.37 billion ($376 million) in 2024 – more than triple its 2022 levels – and posted a net profit of QAR 27 million and EBITDA of QAR 54 million for the year.
Snoonu, had previously raised a total of $17 million in funding over two rounds. The first round was a Series A round in 2021 for $5 million, and the latest was a Series B round in May 2023 for $12 million – both were led by Qatar Development Bank, with participation from other undisclosed investors.
Snoonu will continue to operate under its own brand post-acquisition, with Al Hajri remaining CEO and retaining a 23.44% ownership stake. A new board of directors will be formed, including three Jahez appointees and one founder-designated seat.
Jahez, which went public in 2021 on Saudi Arabia’s Tadawul stock exchange, is one of the Kingdom’s most prominent food delivery and q-commerce companies. The Snoonu acquisition will serve as a launchpad for Jahez’s regional expansion strategy, granting it entry into the Qatari market.
“This partnership is a win-win for all stakeholders,” said Jahez CEO Ghassab Al-Mandeel. “Snoonu’s impressive growth journey will be further fueled by Jahez’s infrastructure and scale, while we gain access to their cutting-edge product engine and high-performance platform.”
The transaction is being funded through Jahez’s existing cash reserves, bank facilities, and treasury shares. Completion is expected in the second half of 2025, pending regulatory approvals and customary closing conditions.
