VC React Podcast (Episode #28)

This week on VC React, we break down Talabat’s unusual acquisition of InstaShop, a rumoured billion-dollar funding round for Saudi q-commerce outfit Ninja, and the evolution of BNPL in Saudi Arabia.

First up – Talabat’s acquisition of InstaShop for $32 million. The deal, completed after Talabat’s IPO on the Dubai Financial Market in December, is part of a broader restructuring within Delivery Hero, which previously owned both companies. We discuss what this means for quick commerce in the UAE, whether competition concerns will come to a head, and how restaurants and consumers are responding to Talabat’s growing dominance.

Next, Saudi-based Ninja is reportedly raising at a $1B+ valuation, making it one of the country’s most significant homegrown tech companies. Founded by Ebrahim Al-Jassim, the creator of HungerStation, Ninja has grown into Saudi’s largest grocery delivery platform, operating in a market that remains highly distinct from the rest of MENA. With Saudi’s startup ecosystem maturing and access to capital increasing, we explore whether Ninja’s trajectory is a blueprint for other Saudi startups or if competition in the space is about to intensify.

Meanwhile, BNPL is evolving beyond installment payments. Just weeks after Tabby raised a $160M Series E, Tamara has secured its full SAMA license, allowing it to offer consumer financing beyond its traditional BNPL model. With BNPL players now expanding into lending, savings, and broader financial services, we discuss how this shift positions them against traditional banks and what it means for Saudi’s financial landscape.

And finally, Aya, a Saudi-based modest fashion marketplace, has raised $1.6M in seed funding. The platform uses real-time customer insights to identify trends and connect local manufacturers with demand, offering a data-driven approach to fashion e-commerce. We look at what this means for fashion tech in MENA and whether this model could gain broader traction in the region.

This week, Ahmad and I had the pleasure of being joined by:

• Maxim Shkvaruk, Managing Director @ Atlas Ventures

• Mo Salah, Partner @ Pitlane Ventures

• Nour Allam, Investment Associate @ Plus VC

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