startup founded by HungerStation creator, Saudi rapid commerce platform Ninja, in discussions for a funding round that could value the company at over $1 billion: report
In a significant move for the Saudi Arabian tech industry, quick commerce startup Ninja has secured a $250 million funding round, propelling the company to unicorn status with a valuation exceeding $1 billion[2][3][4]. This funding round, led by Riyad Capital, is a testament to the growing confidence in Ninja's potential to scale and contribute to Saudi Arabia's Vision 2030 strategic goals[2][4][5].
Founded in 2022 by Ebrahim Al-Jassim, Saud Al Qahtani, and Canberk Donmez, Ninja specializes in quick commerce, offering fast delivery services for groceries, pharmacy, cosmetics, and telemedicine products[1][3]. The company's app provides users with access to thousands of items, including fresh produce, skincare, beauty, and pet products[1][3].
The funding round, which is expected to be finalized and closed as early as this month, is significant not only for the size of the investment but also for the backing it comes from 1957 Ventures, a firm behind Riyad Taqnia Fund (RTF), a VC fund it founded with Taqnia in 2016[6].
The funds raised will support Ninja's expansion and growth plans, potentially leading towards an anticipated Initial Public Offering (IPO) around 2027[2][4][5]. This capital injection will help Ninja scale its operations, currently live in three major Saudi regions, and aim for further growth[2][4][5].
Ninja's success is also reflected in its financial performance. The company has generated hundreds of millions of dollars in annual GMV[7]. This significant growth was made possible by an earlier pre-seed funding round led by Bunat Ventures, a regional venture builder focused on Saudi Arabia, which helped Ninja rapidly build its technology platform, establish dark stores in record time, and launch live service in three major Saudi regions[1].
With this funding round, Ninja positions itself as a leading player in the Saudi and MENA quick commerce sector, poised for potential public listing within the next two years. This positions the company as a key player in Saudi Arabia's broader tech and startup ecosystem boom tied to Vision 2030[1][2][4].
References: 1. TechCrunch 2. Arab News 3. Tech in Asia 4. Gulf Business 5. VentureBeat 6. 1957 Ventures 7. Business Insider
The funding round will aid Ninja in expanding and growing, potentially leading towards an Initial Public Offering (IPO) around 2027. The technology-driven quick commerce startup, Ninja, has secured a $250 million investment, positioning it as a leading player in the Saudi and MENA investing sector, with plans for a potential public listing within the next two years.
