Ninja, the Saudi quick-commerce startup operating in Bahrain and across the Gulf, just hit unicorn status with a $254 million raise—fueling plans to grow and go public.
Founded in 2022, Ninja has quickly become one of the region’s top q-commerce players, offering 60-minute delivery across groceries, beauty, pharmacy, and household products. In just three years, the startup has expanded beyond Saudi Arabia into Bahrain, Kuwait, and Qatar, while also entering the food delivery space in competitive markets.
The latest funding round, led by Riyad Capital with participation from vii Ventures, Altia Investment, Tamasuk Al Rajhi, and other Gulf investors, pushes Ninja’s valuation to $1.5 billion. It’s a major leap from its last known round—$30 million raised in 2022—and a signal that regional investors are increasingly backing Gulf-born consumer tech companies at scale.
Ninja says it has reached operational profitability and is generating close to $1 billion in annual revenue, though the figure likely refers to gross merchandise value (GMV). Its advantage, according to the company, lies in its custom-built operating system that integrates technology, supply chain, and instant fulfillment—a model that’s gained traction as consumer expectations shift toward immediacy.
Bahrain’s inclusion in Ninja’s regional footprint highlights growing demand for high-frequency, low-friction e-commerce infrastructure in smaller but fast-adapting GCC markets. With IPO plans now in motion, Ninja joins a short list of Gulf startups racing to capitalize on the region’s retail digitization wave.
“Ninja embodies the innovation and entrepreneurial spirit that define Saudi Arabia’s startup ecosystem,” said Mohammed Alarifi, Managing Director at Riyad Capital. “The company reimagined the digital consumer experience and secured a leading position in the Kingdom’s retail market, while also delivering exceptional profitability.”
Ninja’s next move could shape how quick commerce scales across the Gulf—watch this space.
