Saudi Arabia's quick-commerce sector is preparing to send one of its most recognizable names to the public markets. Ninja, the Riyadh-based online supermarket and delivery platform founded in 2022, has selected Citigroup, Goldman Sachs, Riyad Capital, and UBS to work on a potential IPO on the Saudi Exchange, according to people familiar with the matter. The company is targeting approximately $1 billion from the offering, which could take place toward the end of 2026 or in early 2027, making it one of the most anticipated technology listings the Kingdom has seen.
The timing of this move follows a period of strong commercial momentum. Ninja generated approximately $1 billion in revenue in 2025 and is targeting $1.6 billion in 2026, a 60% jump that reflects both organic growth and expansion into new product categories including medicines and digital services. The company raised $250 million in July 2025 in a round led by Riyad Capital, which pushed its valuation to $1.5 billion and gave it formal unicorn status, joining a small but growing club of billion-dollar Saudi startups that includes Tabby and Tamara.
Ninja was founded by Ebrahim Al-Jassim, Saud Al-Qahtani, and Canberk Donmez, and has built its model around ultra-fast delivery of groceries, household goods, pet supplies, and pharmacy products, operating around the clock across Saudi Arabia and expanding into Bahrain, Qatar, and Kuwait. The platform positions itself as a 24-hour online supermarket rather than simply a delivery aggregator, which gives it more control over the end-to-end customer experience and creates deeper commercial relationships with both suppliers and end users than a pure marketplace model would allow.
