Three-year-old Saudi quick commerce platform Ninja has become the latest Middle Eastern unicorn with a $254 million pre-IPO funding round. The startup raised the latest capital in a round led by Riyad Capital, with participation from vii Ventures, Altia Investment, Tamasuk Al Rajhi, and other local investors. The round values the company at $1.5 billion.
It was first reported by Bloomberg last week and confirmed by the company on Monday. Ninja previously raised $30 million in 2022, according to Termsheet.
The Riyadh-based startup has emerged as the leading quick commerce platform in the region, operating across Saudi Arabia, Bahrain, Kuwait, and Qatar. Founded in 2022, Ninja offers on-demand delivery across multiple categories including groceries, household essentials, beauty products, pharmacy items. It also expanded into food delivery last year, taking on Delivery Hero and Jahez in some of the GCC markets.
The company has achieved significant financial milestones, reaching operational profitability and generating nearly $1 billion in annual revenue, making it one of the fastest-growing technology companies in Saudi Arabia and the broader region, it said in a statement. The revenue in Ninja’s case likely refers to gross merchandise value (GMV).
A statement by the startup noted that its success stems from its comprehensive operating system that combines advanced technology, supply chain management, and instant delivery capabilities.
Mohammed Alarifi, Managing Director of Private Equity and Venture Capital at Riyad Capital, said, “Ninja embodies the innovation and entrepreneurial spirit that define Saudi Arabia’s startup ecosystem. In a short span since its establishment, the company reimagined the digital consumer experience and secured a leading position in the Kingdom’s retail market, while also delivering exceptional profitability.”
The fresh funding will support Ninja’s strategic expansion plans while maintaining its focus on profitability. The company confirmed that the investment represents a crucial step in its IPO preparations, capitalizing on the growing quick commerce market in the region.
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