Saudi-based quick commerce startup Ninja has raised US$250 million in a funding round led by Riyad Capital.

The investment boosts its valuation to US$1.5 billion, making Ninja one of the newest tech unicorns in the Kingdom.

The company plans to use the funds to expand operations, improve logistics, and prepare for an IPO on the Saudi Exchange (Tadawul) by 2027.

Ninja was founded in 2022 by Saud Al Qahtani and Canberk Donmez.

It operates in Saudi Arabia, Bahrain, Qatar, and Kuwait, offering grocery and daily essential delivery services.

In January 2023, it completed a pre-seed funding round led by Bunat Ventures, with support from regional and international investors.

🔗 Source: Mubasher

🧠 Food for thought

1️⃣ GCC q-commerce market accelerating at unprecedented rates amid changing consumer behavior

Ninja’s $1.5 billion valuation reflects the explosive growth trajectory of quick commerce in the Gulf region, where the market is projected to expand from $2.1 billion in 2024 to $22.6 billion by 2033, representing a 30.2% compound annual growth rate1.

Saudi Arabia alone is expected to see its q-commerce market triple from $0.45 billion in 2024 to $1.34 billion by 2030, driven by rising consumer expectations for speed and convenience2.

This rapid growth is transforming retail dynamics across the region, with quick commerce’s market share increasing from less than 5% to approximately 25% in just five years3.

The sector’s expansion is supported by high smartphone penetration rates, over 90% in the UAE, and significant urbanization across Gulf states, creating ideal conditions for rapid delivery models to thrive4.

Ninja’s funding comes at a time when q-commerce is evolving beyond food delivery to include diverse retail categories such as groceries, electronics, and pharmacy products, reflecting a shift in how consumers access everyday essentials.

2️⃣ Saudi Arabia emerging as the region’s unicorn factory with accelerated company growth cycles

Ninja’s rapid ascent to unicorn status, reaching a $1.5 billion valuation just three years after its 2022 founding, highlights Saudi Arabia’s growing capacity to produce high-value tech companies at an accelerated pace.