Ninja

The business model relies on a network of strategically located "dark stores," which are fulfillment centers not open to the public, combined with a proprietary operating system that manages technology, supply chain, and instant delivery logistics. This allows Ninja to offer rapid delivery services 24 hours a day. The company makes money by marketing and selling a wide range of products through its mobile application, serving B2C customers looking for convenience and speed.

Launched in Riyadh, Ninja quickly expanded its operations across Saudi Arabia and into other GCC countries, including Bahrain, Qatar, and Kuwait. In January 2023, the company raised a pre-seed round led by Bunat Ventures. By July 2025, Ninja secured a $250 million pre-IPO funding round led by Riyad Capital, which elevated its valuation to $1.5 billion and conferred it unicorn status. The company has achieved operational profitability and is preparing for a public listing on the Saudi Exchange (Tadawul) by 2027.