Riyadh, Saudi Arabia – Saudi Arabia-based quick-commerce startup Ninja is evaluating an initial public offering (IPO) in Riyadh, as it looks to capitalise on strong growth and rising investor interest in the Kingdom’s technology sector.
Founded in 2022, Ninja operates an online supermarket platform offering rapid delivery of groceries, medicines, and everyday essentials across Saudi Arabia, while steadily expanding into regional markets. The company has quickly established itself as a prominent player in the region’s fast-growing quick-commerce space.
Ninja generated approximately $1 billion in revenue in 2025 and is targeting $1.6 billion in 2026, underscoring its rapid year-on-year growth trajectory.
In 2025, the startup raised $250 million in a funding round led by Riyad Capital, reaching a valuation of $1.5 billion and joining Saudi Arabia’s expanding pool of tech unicorns.
The company has recently engaged with investors to gauge appetite for a potential listing, including participation in a banking conference in London. Ninja is currently in the process of finalising the timing of the IPO and selecting advisory banks, with the listing potentially taking place later this year or in early 2026, subject to market conditions.
A successful IPO could provide a boost to Saudi Arabia’s listings market, which has seen a slowdown amid regional volatility. However, the Kingdom’s stock market has remained relatively resilient, supported by strong oil prices and limited direct exposure to ongoing geopolitical tensions.
Ninja’s potential listing also highlights Saudi Arabia’s broader ambition to strengthen its capital markets and position itself as a regional hub for technology, innovation, and investment.
