Riyad Capital leads SAR 1bln investment round in Ninja, the Kingdom's leading Q-commerce platform
Founded in 2022, Ninja has achieved record-breaking growth rates and gained significant market leadership in Saudi Arabia's retail sector in a short span. This has been driven by a differentiated business model, exceptional operational efficiency, and growing profitability that surpasses comparable players in the market.
Through its digital platform, Ninja offers an integrated shopping experience across multiple consumer segments, including groceries, household goods, personal care, digital pharmacy, and restaurants. The company achieved operational profitability within a short timeframe and has seen accelerated growth in its customer base and order volumes, positioning it as a game-changer in the consumer retail market.
Mohammed Alarifi, Managing Director of Private Equity and Venture Capital at Riyad Capital, said: 'Ninja embodies the innovation and entrepreneurial spirit that define Saudi Arabia's startup ecosystem. In a short span since its establishment, the company reimagined the digital consumer experience and secured a leading position in the Kingdom's retail market, while also delivering exceptional profitability.'
The funding will support Ninja's expansion into key cities across Saudi Arabia, enhance its technology infrastructure, strengthen its logistics capabilities, and enable entry into new consumer segments such as digital pharmacies.
This investment reaffirms Riyad Capital's long-standing leadership in the Kingdom's technology sector since 2016 through its private equity and venture capital platform, which manages over SAR 2 billion in assets. Its portfolio includes companies such as Foodics, Unifonic, and Sure Global Tech, with exits exceeding SAR 150 million to date.
About Riyad Capital
Riyad Capital is a leading fully-fledged investment manager and the largest custodian in Saudi Arabia. Through its four business lines – asset and wealth management, brokerage, corporate investment banking, and securities services – the company offers end-to-end investment management solutions. Within the PE/VC sector, Riyad Capital is recognized as a pioneer having launched Saudi Arabia's first venture capital vehicle – Riyad Taqnia Fund – in 2016. The firm has since invested and exited several technology startups, including Foodics, Sure Global Tech, Truckker and Unifonic, generating more than $150 million in exit proceeds to date. As of March 2025, Riyad Capital managed over $26 billion in assets under management and more than US$ 218 billion in assets under custody. The company was recognized among the Middle East's top 5 asset managers for 2024 and 2025 by Forbes Middle East and received the Saudi Capital Market Award for Custodian of the Year 2024.
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