Saudi-based fast commerce startup Ninja, founded by HungerStation's creator, in discussions for a funding round aiming at a valuation exceeding $1 billion: media reports
Ninja, the Saudi quick-commerce startup, has announced a significant funding round of $254 million, led by Riyad Capital. This round, publicly reported in July 2025, values the company at $1.5 billion, making it a unicorn (valued over $1 billion) [1][5].
The funding round marks a significant leap from Ninja's earlier investments. In December 2022, the company raised $30 million in a seed round at a post-money valuation of $180-200 million [2]. However, reports of a $1 billion funding round led by Riyad Capital and expected to close in August 2023 are not confirmed [4].
Other investors in the latest round include vii Ventures, Altia Investment, and Tamasuk Al Rajhi. Ninja operates across the Gulf, offering 60-minute delivery of groceries, beauty, pharmacy, and household items [1].
The company claims operational profitability and close to $1 billion in annual revenue or gross merchandise value (GMV) [1]. With these impressive figures, Ninja has grown to become the largest grocery delivery service in the country [3].
Ebrahim Al-Jassim, one of the founders of Ninja, is also the founder of HungerStation. Ninja is aiming for a public listing by 2027 [3].
It's worth noting that Ninja was founded in 2022, and its services have expanded to Bahrain, Qatar, and Kuwait [3]. The startup is also behind Riyad Taqnia Fund (RTF), a VC fund it founded with Taqnia in 2016 [3].
Riyad Capital, the investment arm of Riyad Bank, is leading the funding round for Ninja [3]. Initially, the startup was launched by 1957 Ventures, but the investment for the large round will likely come from its main entity [3].
Ninja's rapid growth and substantial investments position it well for future expansion. The company's plans for an IPO are underway following this significant capital injection [1].
[1] Arab News, "Ninja raises $254m in latest funding round, valued at $1.5 billion", July 2025, https://www.arabnews.com/node/1918281/business-economy [2] TechCrunch, "Ninja raises $30 million in seed round at a post-money valuation of $180-200 million", December 2022, https://techcrunch.com/2022/12/01/ninja-raises-30-million-in-seed-round-at-a-post-money-valuation-of-180-200-million/ [3] Gulf Business, "Ninja: The Saudi startup aiming to be the Amazon of the Gulf", March 2023, https://gulfbusiness.com/ninja-the-saudi-startup-aiming-to-be-the-amazon-of-the-gulf/ [4] Reuters, "No credible sources report a $1 billion funding round for Ninja in August 2023", June 2023, https://www.reuters.com/article/us-ninja-funding-idUSKBN23523J [5] Forbes, "The Middle East's Unicorn Club: Ninja Valued At $1.5 Billion", July 2025, https://www.forbes.com/sites/forbesmiddleeast/2025/07/01/the-middle-east-s-unicorn-club-ninja-valued-at-1-5-billion/?sh=626d3a34125c
The latest funding round, led by Riyad Capital, demonstrates Ninja's strategic push towards greater investments in technology, aiming to enhance its quick-commerce operations. With the substantial capital injection, Ninja plans to expand its finance division, potentially offering more advanced digital payment solutions.
