Saudi-listed food delivery platform Jahez is acquiring a 76.56% stake in Qatar’s Snoonu for $245 million, marking its entry into the Qatari market and further expansion across the GCC, it announced in a statement today.
Jahez will acquire 75% of Snoonu’s existing shares from current shareholders for $225 million in a combination of cash and Jahez shares, plus subscribe to newly issued shares representing an additional 1.56% stake for $20 million in cash. The transaction will be funded from Jahez’s existing cash reserves, bank facilities, and treasury shares. It values Snoonu at $320 million, making it the first Qatari startup to surpass a $300 million valuation.
Founded in 2019 by Hamad Mubarak Al Hajri, Snoonu has rapidly evolved from a food delivery startup into a multi-vertical platform spanning food, grocery, e-commerce, and logistics. The company has captured leading market share in Qatar with its focus on high-frequency orders and customer loyalty, underpinned by a team with global experience across leading international tech companies. It raised $5 million in a Series A round in 2021 and $12 million in a Series B round in 2023, both led by Qatar Development Bank.
The startup that began operations in 2019 has demonstrated exceptional growth, more than tripling its gross merchandise value to $376 million (QAR 1.37 billion) in 2024. Revenue followed a similarly impressive trajectory, growing over 3.5x from $40 million (QAR 146 million) in 2022 to $140 million (QAR 511 million) in 2024, while reporting net profit of $7.4 million (QAR 27 million) and $14.8 million (QAR 54 million) in EBITDA in 2024.
Upon completion, expected in the second half of 2025, the founder Hamad Mubarak Al Hajri will retain 23.44% ownership and continue as CEO with the current executive management team intact. He will also receive 1,538,460 ordinary shares in Jahez, representing 0.73% of the Saudi company’s total share capital.
Ghassab Al-Mandeel, CEO of Jahez, said, “This partnership is a win-win for all stakeholders as we expand our presence in the region. Snoonu’s impressive growth journey will be further fueled by Jahez’s infrastructure and scale, while we gain access to Snoonu’s cutting-edge product engine, talent, and high-performance platform across its portfolio.”
“Our companies share the same entrepreneurial DNA and most importantly, have a proven ability to grow profitably in a competitive sector. Together, we will unlock new opportunities for customers and merchants, cementing our position as the region’s trusted on-demand platform and continuing to deliver shareholder value,” he added.
Hamad Al Hajri, Founder and CEO of Snoonu, in a statement, said, “This transformative partnership with Jahez marks a defining moment in Snoonu’s journey. Together, we are creating a true regional technology champion built on shared values and a common vision for innovation, excellence, and sustainable growth.”
Jahez, one of Saudi Arabia’s leading delivery and e-commerce platforms, has established itself as a major player in the Kingdom’s competitive on-demand sector. The acquisition represents the company’s first significant international expansion and entry into the high-potential Qatari market.
Post-acquisition, Snoonu will continue operating under its own brand with governance managed through a four-member board comprising three Jahez-appointed directors and one founder-appointed director. Both companies expect to realize significant operational and technological synergies through combined logistics, e-commerce, and technology expertise.
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