Ninja Becomes Unicorn in Saudi With $250 Million Pre-IPO Funding

Saudi Arabia-based quick delivery firm Ninja has become the kingdom’s newest tech unicorn after raising around $250 million from local investors, according to people familiar with the matter.

The funding round, led by asset manager Riyad Capital, values the three-year-old company at about $1.5 billion, the people said, asking not named as the information is private. Ninja is targeting an initial public offering by 2027, Bloomberg News reported in March.

Representatives for Ninja and Riyad Capital declined to comment.

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