Saudi-based grocery delivery startup Ninja has officially joined the Gulf’s unicorn club after raising a whopping $250 million in a fresh funding round. The deal, led by Riyad Capital, values the two-year-old startup at $1.5 billion, solidifying its spot among the region’s elite tech players.
The term unicorn is used for privately held startups valued at $1 billion or more, and Ninja’s rapid rise puts Saudi Arabia on the map once again in the competitive delivery and logistics space.
Founded in 2022, it currently operates across Saudi Arabia, Bahrain, Qatar, and Kuwait, offering round-the-clock grocery delivery services tailored to the fast-paced needs of Gulf consumers.
According to a March report, the startup is eyeing an IPO by 2027, signaling serious long-term growth ambitions.
Ninja: A Tough Year, But a Bright Spot
Despite a broader funding slowdown in MENA, where startup investments dropped 44% to $750 million in 2024, the first quarter of 2025 saw Saudi startups rake in $400 million, per data from Magnitt. That’s a promising rebound, and Ninja’s mega-round is now leading the charge.
It joins a growing list of unicorns across the region. According to the Hurun Global Unicorn Index 2025, the GCC now boasts seven unicorns:
- UAE leads with five, including Tabby valued at $1.5 billion
- Saudi Arabia now has two, with Tamara and Ninja flying the fintech and delivery flags, respectively
Both Tabby and Tamara are reportedly preparing for IPOs, with Tabby working alongside global banks like JPMorgan Chase and Morgan Stanley.
What This Means for MENA Startups
Ninja’s unicorn status is more than just a funding headline—it’s a signal of growing confidence in Gulf-based tech innovation. Here’s how this impacts the broader MENA startup scene:
- Restores Investor Confidence: After a tough 2024, this raise shows that strong business models still attract big capital
- Validates the Delivery Vertical: Grocery delivery isn’t just a convenience; it’s now seen as a scalable, VC-worthy tech segment in the region.
- IPO Momentum is Building: With Ninja, Tabby, and Tamara all heading toward public listings, MENA may soon see a new era of startup exits and investor liquidity.
- Spotlight on Saudi Arabia: Ninja’s success reinforces Saudi’s position as a rising force in tech, in line with its Vision 2030 goals for economic diversification.
Ninja’s leap to unicorn status serves as both a milestone and a motivator, proof that with the right timing, team, and tech, regional startups can scale quickly and make global headlines.
