Ninja, Saudi Arabia’s quick commerce and logistics platform, has confirmed the raising of $254 million in a pre-IPO round, after weeks of leaking. The round was led by Riyad Capital, with participation from VII Ventures, ALTIA Investment, Tamasuk AlRajhi, and local investors

Why it Matters? The round turned Ninja into a unicorn at $1.5 billion valuation.

More to Know:

• Ninja operates in the quick commerce sector, offering a digital shopping experience across groceries, home essentials, beauty, digital pharmacy, and restaurants
• Currently operates in Saudi Arabia, Bahrain, Kuwait, and Qatar
• Hit nearly $1 billion in annual revenue and achieved operating profitability, it said.
• The funding will support expansion, growth, and strengthening of its market position in preparation for its IPO.