Riyadh – Sharikat Mubasher: Saudi-based quick commerce platform Ninja is in talks to raise new funding at a valuation exceeding $1 billion, according to sources familiar with the matter.

As reported by Bloomberg, Riyad Capital is leading the round, which could close as early as this month. The funds will help support Ninja’s growth plans as it eyes an initial public offering (IPO) by 2027.

Ninja’s expansion strategy aligns with growing investor appetite for tech-enabled businesses that have a clear path to public listing. Saudi Arabia’s IPO market has seen increased interest from tech unicorns, driven by the country’s economic diversification push.

Ninja currently operates in Saudi Arabia, Bahrain, Qatar, and Kuwait, offering fast delivery services for groceries, electronics, and pet supplies.

Riyad Capital, a key investor in the regional startup ecosystem, has backed companies such as Foodics, Sure Global Tech, and Unifonic, and previously launched one of Saudi Arabia’s first venture capital funds, the Riyad Taqnia Fund.