Saudi-based food delivery company Jahez has announced its acquisition of a 76.56% stake in Qatari delivery platform Snoonu for US$245 million.

This acquisition marks Jahez’s entry into the Qatari market as part of its expansion in the GCC region.

The deal involves Jahez purchasing 75% of Snoonu’s shares from current shareholders for US$225 million. This amount will include cash and Jahez shares.

Additionally, Jahez will subscribe to newly issued Snoonu shares worth US$20 million, securing an extra 1.56% stake.

The transaction is expected to close in the second half of 2025, pending regulatory approvals.

Founded in 2019, Snoonu operates across various sectors, including food delivery, grocery, ecommerce, and logistics.

Jahez, established in 2016, provides on-demand services, q-commerce, and last-mile delivery in Saudi Arabia, Bahrain, and Kuwait.

🔗 Source: Zawya

🧠 Food for thought

1️⃣ First billion-dollar valuation marks milestone for Qatar’s startup ecosystem

Snoonu’s $320 million valuation in this acquisition represents a significant milestone as the first Qatari startup to exceed QR1 billion in value 1.

This valuation benchmark comes just six years after Snoonu’s founding in 2019, demonstrating the rapid growth potential in Qatar’s emerging technology sector 2.

The transaction structure, combining both cash and shares, reflects a common approach in strategic tech acquisitions where target companies maintain operational independence while gaining access to the acquirer’s resources 1.

Snoonu’s founder maintaining a significant 23.44% stake post-acquisition suggests confidence in future growth potential and aligns management incentives with the acquiring company 2.

This transaction may serve as a valuation reference point for other Qatari startups seeking investment or exit opportunities in the competitive GCC technology landscape.

2️⃣ Qatar’s food delivery market shows intensifying competition