Saudi Arabia’s Ninja Becomes $1.5 Billion Unicorn with $250M Funding Boost

Malaz Madani

Last updated 2-07-2025

3 min

Ninja has secured USD 250 million, valuing the startup at USD 1,5 billion.

Founded by Saud Al Qahtani and Canberk Donmez, Ninja is a swift-commerce player in the region.

The funding was led by Saudi-based Riyad Capital, supporting Middle Eastern tech ventures.

Ninja plans for an IPO by 2027, aiming for a listing on the Saudi stock exchange.

Saudi Arabia continues to attract significant regional and international investment.

It seems there's no stopping Saudi Arabia's booming tech ecosystem—and now Ninja, the swift-commerce knockout, has just grabbed the headlines by raising a whopping USD 250 million. And believe it or not, after just three years in business, this investment has catapulted the startup's valuation up to USD 1.5 billion, landing it firmly in the "tech unicorn" club.

If you're scratching your head about that unicorn reference—well… I mean, you're not alone. It basically means startups valued over USD 1 billion: such companies were once seen as rare as unicorn sightings. Nowadays, in the Middle East at least, unicorns are popping up a bit more frequently—and that's certainly something we at Arageek love to see.

Founded in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja has quickly grown into a key player in the region—and you’ve probably noticed their scooters zipping through traffic, delivering anything from groceries to treats for your furry friend. Currently, Ninja operates across Saudi Arabia, along with markets like Bahrain, Kuwait, and Qatar.

The fresh cash injection was led by Riyad Capital, a heavyweight asset management firm based right in Saudi's backyard. It's not their first rodeo, as they have a history of backing tech-focused ventures in the Middle East.

So what's next on Ninja's agenda? Well, Bloomberg reckons they're gearing up for an initial public offering (IPO) by 2027. If they manage to get that listing done on the Saudi stock exchange, they'll join the likes of regional stars Tabby and Ejada Systems, both of which are aiming for their own public debuts soon.

This mega funding round continues to stress what has become bleedin' obvious in recent times—the Kingdom is fast becoming a magnet for both regional and international investors. According to data released by Magnitt, startups in Saudi Arabia attracted a tidy sum of approximately USD 400 million just in Q1 of this year alone.

On a personal note, I reckon it's brilliant to see local startups thriving and investors taking notice. It signals that the MENA startup scene is finally gaining the recognition and backing it rightly deserves. That said, of course, becoming a billion-dollar startup isn't just sunshine and rainbows. It comes with expectations—high ones. Let's see how Ninja navigates this tricky period before going public, and whether it can keep pace with investor expectations.

But for now, Saudi entrepreneurs—and tech-watchers across the region—can feel pretty chuffed to bits about what's looking like a promising time ahead for the sector.

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