Ninja, a Saudi quick commerce startup founded and led by Ebrahim Al-Jassim, the founder of HungerStation is in talks to raise fresh funds at a valuation of over $1 billion, Bloomberg reported on Tuesday.
The round, according to the report, could be finalized and closed as early as this month, and is being led by Riyad Capital, the investment arm of Riyad Bank, one of Saudi Arabia’s largest banks.
While it launched 1957 Ventures last year to focus on fintech, this investment will likely come from its main entity due to the round’s large size. The firm is is also behind Riyad Taqnia Fund (RTF), a VC fund it founded with Taqnia, a Saudi technology investment and development company, in 2016.
Founded in 2022 by Ebrahim Al-Jassim, Saud Al Qahtani, and Canberk Donmez, Ninja is a quick commerce startup offering grocery deliveries. The startup started with Saudi Arabia but has now also expanded its services to Bahrain, Qatar, and Kuwait, and recently also introduced food delivery on its app.
According to Termsheet, the company has grown into the country’s largest grocery delivery service, generating hundreds of millions of dollars in annual GMV. In December 2022, it raised $30 million in a seed round at a post-money valuation of $180–200 million. The Saudi startup is eyeing public listing by 2027.
The other notable players in the Saudi gorcery delivery space include HungerStation, Nana, Jahez, Careem, and Noon.
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