Saudi Unicorn Ninja Weighs IPO After $250M Raise

Saudi-based delivery startup Ninja is exploring a potential initial public offering (IPO) as early as next year, according to Bloomberg. The company has begun inviting proposals from investment banks and underwriters to advise on the deal, though no final decision has been made on timing or size.

Ninja’s IPO considerations come shortly after it raised $250 million, led by Riyad Capital, which pushed its valuation to around $1.5 billion—cementing its status as one of Saudi Arabia’s newest unicorns.

Founded in 2022 by Saud Al Qahtani and Canberk Donmez, the quick-commerce platform delivers everything from groceries to pet supplies. It now operates across Saudi Arabia, Bahrain, Qatar, and Kuwait, serving as one of the fastest-growing logistics and delivery startups in the Gulf.

Ninja IPO Outlook

While Ninja is weighing a 2026 listing, Bloomberg reports the IPO could be postponed until 2027, depending on market conditions. Regardless, the move places the unicorn among a wave of Saudi tech companies preparing to tap public markets, joining fintech players like Tabby and Tamara.

The development also aligns with Saudi Arabia’s Vision 2030 strategy to diversify its economy and transform the Kingdom into a regional hub for technology and capital markets.

Ninja’s IPO would be more than just a company milestone, it would signal the maturation of Saudi Arabia’s startup ecosystem, where high-growth firms are increasingly looking to scale through public listings.