Saudi Arabian quick commerce startup Ninja, founded by Ebrahim Al-Jassim, the entrepreneur behind the well-known food delivery platform HungerStation, is reportedly negotiating a fresh round of funding that could value the company at over $1 billion, according to a Tuesday report by Bloomberg.
The investment round, which could be finalized this month, is expected to be led by Riyad Capital, the investment arm of Riyad Bank, one of the largest financial institutions in Saudi Arabia. Despite launching a fintech-focused venture arm last year, 1957 Ventures, Riyad Capital is expected to lead this deal due to its significant scale. Riyad Capital also manages Riyad Taqnia Fund (RTF), a venture capital fund established in 2016 in partnership with Taqnia, a Saudi technology development and investment firm.
Established in 2022, Ninja was co-founded by Ebrahim Al-Jassim, Saud Al Qahtani, and Canberk Donmez. The company initially focused on grocery deliveries within Saudi Arabia. It has since expanded its services to Bahrain, Qatar, and Kuwait, and recently added food delivery to its application.
According to information from Termsheet, Ninja has become the largest grocery delivery service in the country, reaching hundreds of millions of dollars in annual Gross Merchandise Volume (GMV). The startup previously secured a $30 million seed round in December 2022, which valued the company at between $180 and $200 million. Ninja is aiming for a public listing by the year 2027.
Other prominent players in the Saudi Arabian grocery delivery market include HungerStation, Nana, Jahez, Careem, and Noon.
