This Ninja company profile covers the company's valuation, revenue, funding rounds, investors and history. Ninja works in consumer, with a focus on quick-commerce grocery delivery. It was founded in 2022 and is headquartered in Riyadh, Saudi Arabia. Its latest valuation on record is About US$1.5 billion (July 2025). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
| Metric | Value | As of | Source |
|---|---|---|---|
| IPO plans | Selected banks including Citigroup, Goldman Sachs, Riyad Capital and UBS for a potential Riyadh IPO by late 2026 or early 2027 | May 2026 | Sharikat Mubasher |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Jul 2025 | Pre-IPO round | About US$250M (SAR 1 billion) | About US$1.5B | Riyad Capital (lead) and local investors | Wamda |
Ninja timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2022 — Ninja is founded in Riyadh by Saud Al Qahtani and Canberk Donmez.
- Jul 2025 — Pre-IPO round: About US$250M (SAR 1 billion), valuing the company at About US$1.5B. Investors: Riyad Capital (lead) and local investors.
- May 2026 — IPO plans: Selected banks including Citigroup, Goldman Sachs, Riyad Capital and UBS for a potential Riyadh IPO by late 2026 or early 2027.
Investors
Overview
Ninja is a quick-commerce company that delivers groceries, household essentials and everyday products to customers in Saudi Arabia and other Gulf countries, often within minutes. It operates its own network of dark stores, small warehouses stocked with thousands of products, located close to customers in cities across the kingdom, and has expanded to Bahrain, Qatar and Kuwait. In July 2025 Ninja became one of Saudi Arabia's newest unicorns after a pre-IPO funding round, and it has been preparing for a listing on the Saudi stock exchange.
Saud Al Qahtani and Canberk Donmez founded Ninja in Riyadh in 2022. The company grew remarkably fast, building a large network of dark stores and a fleet of delivery riders within a few years.
How Ninja works
- Dark stores: neighbourhood warehouses enabling very fast delivery.
- Owned inventory: Ninja buys and stocks products, earning retail margins.
- Delivery fleet: riders and drivers delivering orders in minutes.
- Wide assortment: groceries, fresh produce, snacks, personal care and household goods.
- Regional expansion: services in Bahrain, Qatar and Kuwait alongside Saudi Arabia.
Funding
In July 2025 Ninja raised about US$250 million (SAR 1 billion) in a pre-IPO round led by Riyad Capital through its Riyad Pre-IPO Opportunities Fund, with local investors, valuing it at about US$1.5 billion, according to Reuters as reported by Wamda. Some reports put the round at US$254 million with additional participants. In 2026 Ninja was reported to have selected banks including Citigroup, Goldman Sachs, Riyad Capital and UBS for a potential Riyadh IPO by the end of 2026 or early 2027, aiming to raise close to US$1 billion; it could still choose a private raise instead.
Business model
Ninja earns retail margins on products, delivery fees and income from brand partnerships and advertising. Quick commerce profitability depends on order density, basket size and efficient operations per dark store. Saudi Arabia's dense cities, high smartphone use and strong consumer spending provide favourable conditions. Ninja doesn't publish audited revenue, so we show it as not disclosed.
Competition
Ninja competes with delivery platforms such as HungerStation (owned by Delivery Hero) and Jahez, which offer grocery delivery; with Talabat and Noon's quick-commerce services; with supermarket chains' own delivery; and with Careem Quik in some markets. Its advantages are its speed, owned inventory and rapid expansion of its dark store network.
Ninja at a glance
Ninja is a Riyadh quick-commerce company founded in 2022 by Saud Al Qahtani and Canberk Donmez, operating in Saudi Arabia, Bahrain, Qatar and Kuwait. It raised about US$250 million in July 2025 in a pre-IPO round led by Riyad Capital at about US$1.5 billion and has selected banks for a potential Saudi IPO.
Timeline
- 2022: founded in Riyadh.
- 2023–2024: rapidly expands its dark store network across Saudi cities.
- 2025: raises about US$250 million at about US$1.5 billion; expands across the Gulf.
- 2026: selects banks for a potential IPO.
Why quick commerce works in the Gulf
While quick commerce struggled in many Western markets, conditions in Gulf countries are more favourable: populations are young and digitally engaged, incomes are relatively high, cities are dense in key areas, hot climates encourage delivery, and labour costs for delivery are lower than in the US or Europe. Government support for e-commerce and logistics under Saudi Arabia's Vision 2030 adds momentum. Similar dynamics have helped Zepto in India, while US player Gopuff faced tougher economics.
Saudi IPOs
Saudi Arabia's Tadawul exchange has become one of the busiest IPO markets in the region, and the government encourages companies to list at home. A successful Ninja listing would be one of the most prominent IPOs for a Saudi technology startup. Our guide to the largest Middle East startups covers other regional companies.
Who uses Ninja
Ninja's customers are households and young professionals in Saudi cities and Gulf capitals who want groceries and essentials delivered quickly.
Risks
- Unit economics: rapid expansion requires profitable dark stores.
- Competition: well-funded delivery platforms target the same customers.
- Labour regulation: rules for delivery workers can change.
- IPO timing: listing plans depend on market conditions.
Questions for analysts
- How many dark stores are profitable, and what is the average order value?
- How fast is growth outside Saudi Arabia?
- What valuation would an IPO achieve?
Building a dark store network
Quick commerce depends on placing warehouses close enough to customers to deliver in minutes. Ninja has opened dark stores across major Saudi cities such as Riyadh, Jeddah and Dammam, each serving a small radius. Choosing locations, stocking the right products for each neighbourhood and keeping waste low on fresh items require detailed demand data. As the network grows, purchasing scale improves margins with suppliers, and brands increasingly pay for placement and promotions in the app.
Valuation context
Ninja reached a US$1.5 billion valuation within about three years of founding, reflecting fast growth and local investor appetite ahead of an IPO. Saudi IPO investors will compare it with listed delivery companies such as Jahez and with global quick-commerce peers. Its prospectus would give the first detailed view of revenue, losses and unit economics.
Saudi Arabia's consumer market
Saudi Arabia has a young population, rising female workforce participation and growing entertainment and retail sectors, all of which support demand for convenience services. Government policies promoting digital payments and e-commerce have accelerated adoption.
Expanding beyond groceries
Like quick-commerce companies elsewhere, Ninja has broadened its assortment beyond groceries into electronics accessories, beauty and other categories, raising average order values and making better use of its delivery fleet.
Ninja has also experimented with a marketplace model, letting third-party sellers offer products through its app to widen its range without holding all the inventory itself.
Speed of delivery remains its core promise to customers.
Latest developments (October 2026)
Ninja, the Saudi quick commerce company, picked Citigroup, Goldman Sachs, Riyad Capital and UBS in May 2026 to work on a potential Riyadh IPO of nearly US$1 billion by late 2026 or early 2027, according to Sharikat Mubasher. It generated about US$1 billion in revenue in 2025 and targets US$1.6 billion in 2026. Its 2025 round valued it at about US$1.5 billion.
What to watch
Watch the IPO filing, expansion in Gulf markets, profitability and competition from delivery platforms.
Takeaways
Gulf consumers get groceries delivered in minutes. Founders can see how market conditions determine whether quick commerce works. Investors should watch for IPO documents with audited financials.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Ninja do?
Ninja is a consumer / quick-commerce grocery delivery company headquartered in Riyadh, Saudi Arabia. It was founded in 2022.
What is Ninja's valuation?
Ninja was valued at About US$1.5 billion as of July 2025, according to Wamda. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Ninja make?
Ninja is a private company and has not publicly disclosed its revenue. Figures on third-party sites are usually modelled estimates rather than numbers reported by the company.
What was Ninja's latest funding round?
The most recent financing we have verified is a pre-ipo round in Jul 2025: About US$250M (SAR 1 billion), at a valuation of About US$1.5B. Source: Wamda.
Who are Ninja's investors?
Investors named in public announcements include Riyad Capital and Riyad Pre-IPO Opportunities Fund.
Who founded Ninja?
Ninja was founded in 2022 by Saud Al Qahtani and Canberk Donmez.
Is Ninja a public company?
No. Ninja is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Ninja headquartered?
Ninja is headquartered in Riyadh, Saudi Arabia.