Ninja Rapid Delivery has raised around $250 million from local investors in a new funding round led by Riyad Capital, making it the latest tech company in Saudi Arabia to reach a billion-dollar valuation.
The three-year-old company is valued at $1.5 billion and is aiming to go public with an IPO by 2027.
Ninja was started in 2022 and provides very fast delivery services in Saudi Arabia, Bahrain, Qatar, and Kuwait. They deliver many things, like groceries and pet supplies. The company plans to have an initial public offering (IPO) by 2027.
Even though Ninja and Riyadh Capital did not comment, this funding shows that Saudi Arabia is becoming a major center for venture capital in the region. This comes at a time when global markets are slowing down.
In just the first quarter of 2025, Saudi startups raised nearly $400 million, according to data from Magnitt.
Ninja is now part of a growing group of tech startups in the region that are worth over a billion dollars. This includes well-known fintech companies like Tabby and Tamara.
The Saudi government is focusing on technology and innovation as part of its Vision 2030 plan. The goal is to grow the economy in new areas beyond oil.
Riyadh Capital is a major investor in the Middle East’s startup scene. It has invested in tech companies like Foodex and Unifonic. In 2016, it launched one of Saudi Arabia’s first venture capital funds, called the Riyadh Technology Fund.
This funding highlights how Saudi Arabia is becoming a key center for venture capital in the region, even while global investment is slowing down. In the first quarter of 2025, startups in the Kingdom raised nearly $400 million, according to data from Magnet.
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