Ninja, a Saudi Arabia-based quick commerce firm, is in talks with investors to raise funds, potentially valuing the company at over $1 billion. The funding round is led by Riyad Capital and could close as early as this month. The company is preparing for an IPO by 2027.
Operating in Saudi Arabia, Bahrain, Qatar, and Kuwait, Ninja aims to capture a larger share of the Gulf region’s growing e-commerce market. Its business model focuses on the rapid delivery of products like groceries and pet supplies through local fulfillment centers. The company’s expansion into neighboring markets underscores its ambition for regional dominance.
Riyad Capital’s involvement is a significant endorsement of the Middle East’s startup ecosystem, having previously backed tech firms like Foodics and Unifonic. The planned funding round reflects the growing investor interest in tech-enabled businesses with clear paths to public listings, driven by a surge in IPO activity on Saudi Arabia’s stock market.
The IPO boom aligns with Saudi Arabia’s Vision 2030 initiative to diversify its economy beyond oil revenues, attracting international investors. In a related development, fintech unicorn Tabby has hired banks to manage its IPO, while Ejada Systems is exploring a public listing valued at up to $1.5 billion.
Despite its rapid expansion, Ninja faces challenges, including fierce competition and logistical complexities in the Gulf. Its ability to scale and maintain profitability will be crucial for its valuation and a successful IPO by 2027.
Analysts believe that a successful funding round could solidify Ninja’s position as a leading player in the Middle East’s fast-growing e-commerce sector, though careful balance between expansion and cost control will be key to sustainable growth.
