Saudi startup Ninja, founded by HungerStation's creator, negotiating for a valuation of over $1 billion, according to a news report.
Ninja, Saudi Quick Commerce Startup, Aims for $1 Billion IPO by 2027
Ninja, a Saudi quick commerce startup founded in 2022, is making waves in the region and beyond. The company, which recently raised $250 million and achieved a $1.5 billion valuation, is planning an initial public offering (IPO) by 2027 on the Saudi stock exchange, Tadawul.
Ninja was founded by Saud Al Qahtani, Canberk Donmez, and Ebrahim Al-Jassim. The company operates in Saudi Arabia and other Gulf countries, including Bahrain, Qatar, and Kuwait, delivering groceries and daily essentials rapidly.
While the search results do not explicitly list Ninja's direct competitors, the quick commerce (q-commerce) and grocery delivery sector in the Gulf region typically includes companies like Foodex, Nana, Talabat Grocery, and Toters. Riyad Capital, the investment arm of Riyad Bank, led the recent funding round, and the company has also invested in Foodex and Unifonic, suggesting some ecosystem overlap.
However, Ninja's main competition would be from other fast grocery and essentials delivery platforms active in the region. The market is growing rapidly as part of Saudi Arabia’s Vision 2030 effort to diversify the economy and expand the tech sector.
In December 2022, Ninja raised $30 million in a seed round at a post-money valuation of $180-200 million. The investment is likely to come from 1957 Ventures, despite its focus on fintech, due to the round's large size.
Ninja has grown to become the largest grocery delivery service in its country. The company has expanded its services to Bahrain, Qatar, and Kuwait and recently introduced food delivery on its app. Ninja is aiming for a public listing by 2027 and has generated hundreds of millions of dollars in annual GMV.
The company also has a connection with the Riyad Taqnia Fund (RTF), a VC fund it founded with Taqnia in 2016. With its strong position in the Saudi and Gulf quick commerce market, Ninja's IPO is a significant milestone for the region's tech sector.
| Aspect | Information | |------------------|-----------------------------------------------------------| | IPO Plan | Preparing for IPO on Tadawul by 2027 | | Recent Funding | Raised $250 million, valued at $1.5 billion (unicorn) | | Founded | 2022 in Saudi Arabia by Saud Al Qahtani, Canberk Donmez, Ibrahim Aljassim | | Operating Areas | Saudi Arabia, Bahrain, Qatar, Kuwait | | Competitors | Other q-commerce/grocery delivery startups in Gulf region such as Foodex, Nana, Talabat Grocery, Toters | | Investment Round | $30 million seed round in December 2022 | | Investors | 1957 Ventures, Riyad Capital | | Expansion | Expanded services to Bahrain, Qatar, Kuwait, and introduced food delivery | | GMV | Generated hundreds of millions of dollars in annual GMV | | Connection with RTF | Founded Riyad Taqnia Fund (RTF) with Taqnia in 2016 |
In the pursuit of a $1 billion IPO, Ninja, the Saudi quick commerce startup, plans to leverage their technological advancements in the business sector, particularly in the domain of finance, to expand their operations in the Gulf region and beyond. With robust competition from other q-commerce and grocery delivery platforms, Ninja aims to maintain its leading position in the market and continue generating significant GMV.
