Riyadh-based Ninja achieves unicorn status with a new funding round, led by Riyad Capital. The three-year-old venture taps into demand for quick-delivery consumer goods across the Kingdom, as well as neighboring Qatar, Bahrain, and Kuwait. Its at-hand products include potato chips and blueberries, as well as milk and laundry detergent, among thousands of other items. The inventory is highly-localized and culturally-responsive.
According to industry reports, the firm raised around $250 million, elevating its valuation to near $1.5 billion. Ninja is by no means the first unicorn in the Saudi market, but the fact that it could raise a hefty volume of cash amid global economic uncertainty emphasizes the enthusiasm local investors have for domestic ventures. While there is no doubt artificial intelligence at work in Ninja’s operational infrastructure, the firm is a classic consumption play, not so much an advanced-technology story.
Ninja will deploy this fresh capital to expand and reinforce its commercial footprint. Now that the business model appears proven, the firm has the luxury of doubling-down on margin improvement in the run up to an initial public offering. That listing could take place as early as 2027. The hyper-growth speed from seed funding to potential IPO in less than five years signals the effervescent role of the consumer sector in the region.
There is one interesting dimension to this story. Investors seem willing to pay a premium for the scope of the customer list, a commanding intangible asset. A detailed roster of active consumers is a gold mine for product distribution, especially in the Gulf where data-intensive marketing and sales is fast-evolving. In basic terms, someone buying minced camel meat may harbor demand for other traditional, or even low-cholesterol, grocery selections. We suspect website advertising could become a more crucial component of company revenue, than actual delivery income.
In many respects, Ninja is the household foil to parcel-delivery company AJEX Logistical Services. Germany-based DHL acquired a minority stake in this Saudi firm for about $570 million earlier this year. While Ninja is more about daily staples than AJEX, both firms want to take advantage of rapid developments in e-commerce across Saudi Arabia and nearby nations. Analysts vary in their forecasts for this expansion, but estimates typically start at 10% annual growth over the next five years.
Ninja was founded by Saud Alqahtani and Canberk Donmez. Saud cut his teeth in the Saudi market by setting up Zad Group, a restaurant brand-management firm, affording direct insight into the local consumer economy. His business partner Canberk built Berlin-based Gorillas, a fast-grocery startup, that was briskly sold to Getir, the Istanbul-headquartered delivery company. Getir later shut down its European operations in a restructuring move. As a sidebar, the family name Donmez is derived from a Turkish word that can be translated “never give up.”
The funding round for Ninja was led by Riyad Capital, the institutional arm of Riyad Bank. This commercial bank is heavily-owned by the Saudi government. From an economic policy perspective, officials look to expand the scope of the consumer economy, as well as validate the local startup ecosystem. Ninja fits conveniently into these objectives. ■
Our Vantage Point: This firm spotlights the role of tech-powered consumers and the rise of aspirational living. In the Gulf, home delivery of gelato during the summer months may be a simple, but true, luxury.
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