Ninja, a Saudi-based express delivery company, is in talks with potential investors to secure new funding at a valuation exceeding $1 billion, according to sources familiar with the matter.
Sources indicate that “Riyad Capital” is leading the investment round, which could be completed later this month.
“Ninja” is also planning an initial public offering (IPO) by 2027, although the final decisions regarding its valuation and timeline have yet to be confirmed. Representatives from both “Ninja” and “Riyad Capital” declined to comment.
This funding round highlights investors’ increasing interest in tech startups, particularly those aiming for public listings on the Saudi stock exchange.
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The region has witnessed a surge in IPO activity, with companies like “Tabby” appointing investment banks for an upcoming listing and “Ejada Systems” preparing for an IPO at a valuation of up to $1.5 billion.
“Ninja” operates in several Gulf countries, including Saudi Arabia, Bahrain, Qatar, and Kuwait, offering fast delivery services for a variety of products such as groceries and pet food, according to its official website.
“Riyad Capital” is a key investor in emerging tech startups across the region, with a portfolio that includes companies such as “Foodics”, “Sure Global Tech”, and “Unifonic”.
In 2016, it launched the “Riyad Tech Fund”, one of Saudi Arabia’s first venture capital funds, to support innovation and entrepreneurship in the technology sector.
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