Saudi based quick commerce startup Ninja has closed a $250 million funding round led by Riyad Capital, pulling its valuation up to approximately US$1.5 billion and securing its spot among the region’s fastest unicorns.
Founded in 2022, Ninja now operates across multiple Gulf Cooperation Council (GCC) countries including Saudi Arabia, Bahrain, Qatar and Kuwait offering delivery of groceries, daily essentials, and a rapidly expanding catalogue encompassing cosmetics, pharmacy and even telemedicine items Wamda.
As of mid‑2025, Ninja runs a network of over 100 “dark stores” in 28 cities, enabling fast fulfillment that the company says has already pushed it to operational profitability Saudi FoodTech. According to company‑aligned reporting, Ninja is targeting more than 200 dark stores by 2026–2027, aiming to double its coverage to support deeper market penetration Saudi FoodTech.
Ninja management has publicly stated their intent to list the company on the Saudi stock exchange Tadawul by 2027 IntelliNews. The planned public‑market debut would position Ninja as a flagship example of the Gulf’s drive to modernize retail through technology and quick‑commerce Bloomberg.
The timing of Ninja’s expansion and IPO ambitions comes amid a booming quick‑commerce landscape in Saudi Arabia. Industry data estimates the Saudi quick‑commerce market to reach roughly US$517.3 million in 2025, with projections pointing to about US$887.2 million by 2030, a compound annual growth rate near 11.4% Mordor Intelligence. For context, the broader Saudi e‑commerce market was valued at around US$15 billion in 2024 and is expected to grow toward US$29 billion by 2030 MarkNtel Advisors.
Markets analysts note that by offering sub‑hour delivery using dense dark‑store networks and integrated logistics, Ninja and peers are reshaping consumer expectations in Gulf cities Redseer Strategy Consultants.
At the same time, Ninja’s rise forms part of a broader wave in Saudi Arabia’s startup funding surge: data from the first half of 2025 shows local startups raised roughly US$860 million across 114 deals, a 116% year‑over‑year increase in capital deployed and more than half of all venture funding in the MENA region Monshaat. Within that, the E‑commerce/Retail sector powered by mega rounds such as Ninja’s captured 36% of total funding.
As Ninja prepares for its public listing, all eyes will be on its ability to scale dark stores, maintain fast delivery times, and leverage growth in adjacent categories like digital pharmacy and telemedicine. If executed well, its IPO could become a bellwether for the Gulf’s evolving digital‑commerce and quick‑retail economy.
Ninja raises $250 Million, eyes Saudi Stock Exchange listing