Ninja Becomes Unicorn in Saudi After Riyad Capital-Led Funding Round

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.