Ninja becomes Saudi Arabia's newest unicorn after new funding round

Saudi Arabia-based quick delivery firm Ninja has become the kingdom’s newest tech unicorn after raising around $250 million from local investors, according to people familiar with the matter.

The funding round, led by asset manager Riyad Capital, values the three-year-old company at about $1.5 billion, the people said, asking not named as the information is private. Ninja is targeting an initial public offering by 2027, Bloomberg News reported in March.

Representatives for Ninja and Riyad Capital declined to comment.

The fundraise underscores Saudi Arabia’s emergence as a regional hub for venture capital, even as global funding slows. Startups in the kingdom attracted nearly $400 million in the first quarter of 2025, according to data provider Magnitt.

The Arab world’s largest economy now boasts several unicorns — startups valued at over $1 billion — including fintech firms Tabby and Tamara. Developing a vibrant tech and startup scene is one of Saudi government’s top priorities as it seeks to diversify the country’s oil-dependent economy.

In pursuing an IPO, Ninja would join other tech companies planning to list on the Riyadh stock exchange. Tabby is working with banks including JPMorgan Chase & Co. and Morgan Stanley on its IPO, Bloomberg News has previously reported. Technology services firm Ejada Systems Ltd., whose six-month window to list recently lapsed, plans to reapply for an IPO.

Founded in 2022, Ninja operates in Saudi Arabia, Bahrain, Qatar and Kuwait, offering rapid delivery of products ranging from groceries to pet food, according to its website.

Riyad Capital is a prominent investor in the Middle East’s startup ecosystem, with investments in technology firms including Foodics and Unifonic. In 2016, the firm launched one of Saudi Arabia’s first venture capital vehicles, the Riyad Taqnia Fund.