Saudi Startup Ninja Eyes Riyadh IPO After Rapid Rise to Unicorn Status

The company is currently exploring an initial public offering on the Saudi Exchange (Tadawul), following a period of strong growth and increasing engagement with investors. The development, while still under consideration, reflects broader momentum in the Kingdom’s technology ecosystem, where startups are beginning to transition from venture-backed growth to potential public exits.

Founded in 2022, Ninja has quickly positioned itself as a major player in the region’s quick-commerce, or “q-commerce,” segment. The company operates an online supermarket platform offering rapid delivery of groceries, medicines, and daily essentials. Its expansion has not been limited to Saudi Arabia alone, with operations extending into Bahrain, Kuwait, and Qatar, signaling ambitions to build a regional footprint.

What stands out is the speed of Ninja’s growth. The company generated approximately $1 billion in revenue in 2025 and is targeting around $1.6 billion in 2026. These figures point to significant year-on-year expansion in a highly competitive market.

Investor backing has also played a critical role in the company’s trajectory. In 2025, Ninja raised $250 million in a funding round led by Riyad Capital, reaching a valuation of $1.5 billion and securing its place among Saudi Arabia’s growing list of technology unicorns. The funding underscores institutional confidence in the company’s model, as well as broader optimism around digital commerce in the Gulf region.

While the IPO remains under consideration, Ninja has already taken early steps toward gauging market appetite. The company has engaged with investors in recent weeks, including during a London banking conference, to assess demand for a potential listing. It is also in the process of selecting advisory banks, according to the press release.

The timing of any listing remains uncertain. A potential debut could take place later this year or in early 2027, depending on market conditions and investor sentiment. For now, the company appears to be weighing its options rather than committing to a fixed timeline.

Ninja’s potential IPO comes at a moment when Saudi Arabia’s capital markets are navigating a complex environment. Regional geopolitical tensions have introduced volatility, yet the Kingdom’s stock market has shown relative resilience. A successful listing could provide a much-needed boost to IPO activity, which has slowed compared to previous years.

Beyond the immediate market implications, the story reflects a broader shift in Saudi Arabia’s economic strategy. Under Vision 2030, the Kingdom has been actively working to diversify its economy and build a more dynamic technology and investment landscape. Startups like Ninja are increasingly seen not just as growth stories, but as potential anchors for a maturing capital market ecosystem.

There is also a human element behind the company’s rise. Ninja is closely associated with Ebrahim Al-Jassim, the founder of HungerStation, one of Saudi Arabia’s early food delivery successes. His return to the startup scene has been viewed by some observers as a notable comeback, highlighting the evolving nature of entrepreneurship in the region.

What is clear, however, is that Ninja’s trajectory reflects a larger trend. The Gulf’s startup ecosystem is entering a new phase, where scale, profitability, and exit strategies are becoming just as important as early-stage growth. Whether Ninja ultimately proceeds with a listing or delays its plans, the company’s progress underscores the increasing maturity of the region’s tech landscape.

If Ninja does move forward with an IPO, it could serve as a bellwether for other startups considering public markets, potentially opening the door to a new wave of tech listings in Saudi Arabia.