Riyadh - Mubasher: Saudi q-commerce startup Ninja has raised $250 million in a funding round led by Riyad Capital, reaching a $ 1.50 billion valuation.

The fundraising transaction anchors the platform’s status as the Kingdom’s latest tech unicorn, according to a press release.

Ninja will use the new capital to expand operations, scale its logistics capabilities, and prepare for a public listing on the Saudi Exchange (Tadawul) by 2027.

The company joins a growing list of Gulf tech firms considering initial public offerings (IPOs) as the region seeks to establish a deeper and more dynamic capital market ecosystem. Saudi digital fuel and fleet management platform PetroApp also unveiled IPO plans on Tadawul.

The funding round also highlights Riyad Capital’s role as a leading institutional backer of MENA startups and Saudi Arabia’s rising stature as a venture capital hub.

Established in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja delivers groceries and daily essentials across Saudi Arabia, Bahrain, Qatar, and Kuwait.

In January 2023, Ninja raised a pre-seed round led by Bunat Ventures, along with several venture capital (VC) firms from the region, the US, and family offices in Saudi Arabia.