The archive · Consumer Apps · Strategic decision · 2016–2022
Jahez bet Saudi-owned delivery could beat global apps; first startup on Nomu, $2.4B IPO
Saudi food-delivery app with its own courier fleet raised $36M, rode COVID demand, and listed as the Kingdom's first startup IPO at a ~$2.4B market cap.
Jahez
What the business is
Saudi food delivery and quick-commerce platform connecting restaurants and stores to customers, with its own delivery fleet and logistics.
Starting capital：$36M Series A led by Impact46 (2020); SAR 1.8B (~$480M) raised in the January 2022 Nomu IPO
How it started
Founded in 2016 by Ghassab Al-Mandil. By mid-2020 Jahez claimed 3 million users, more than 20 million processed orders and a partner fleet of 15,000 freelance couriers, and closed a $36 million Series A led by Impact46 — then the largest Saudi VC deal of the year.
What happened
COVID-19 pushed Saudi consumers online, and the Kingdom's food aggregators market grew at a 53% CAGR from 2018 to 2022. Jahez, described by its own annual report as the fastest-growing player by market share ahead of the offering, ran a three-day IPO in December 2021 on Nomu, the Saudi parallel market. Institutional demand reached 38.8x and retail 5.9x, and the final offer price was set at SAR 850 per share.
How it ended up
Listed on January 5, 2022 as the first homegrown Saudi startup on Nomu, at a market capitalization of about SAR 8.9 billion ($2.4 billion); still operating and expanding after the IPO.
Background
Jahez was founded in Saudi Arabia in 2016 by Ghassab Al-Mandil on a contrarian bet: that a Saudi-owned delivery platform with its own courier fleet could win the Kingdom's food delivery market against well-funded international aggregators. By mid-2020 it claimed 3 million users, more than 20 million processed orders and 15,000 freelance couriers, and raised a $36 million Series A led by Impact46 — at the time the largest venture deal of the year in Saudi Arabia.
The pandemic accelerated the bet. Saudi consumers shifted online in large numbers, and Jahez's annual report put the Kingdom's food aggregators market at 53% annual growth from 2018 to 2022. Describing itself as the fastest-growing player by market share ahead of the offering, Jahez ran a three-day IPO on Nomu, the Saudi parallel market, in December 2021. Institutions subscribed 38.8x and retail investors 5.9x, with final pricing at SAR 850 per share.
On January 5, 2022 Jahez listed as the first homegrown Saudi startup on Nomu, with a market capitalization of about SAR 8.9 billion ($2.4 billion) and a SAR 1.8 billion offering. The listing gave Saudi startups a precedent for going public and gave Jahez capital to push into groceries, cloud kitchens and regional markets.
What has to be true
- Global aggregators leaned on third-party couriers, while Jahez owned last-mile delivery and built direct merchant relationships — a real wedge in Saudi cities.
- COVID-19 accelerated Saudi delivery adoption, and Jahez, an early mover, claimed 3M users and 20M+ orders by mid-2020.
- The Nomu IPO opened a rare public exit for a homegrown Saudi startup; 38.8x institutional demand showed local conviction in the thesis.
- Listing turned Jahez into a national-champion story aligned with Vision 2030, funding expansion into groceries, cloud kitchens and regional markets.
What can be applied
A homegrown player can beat better-funded internationals by owning local logistics and merchant relationships; Jahez proved it in Saudi delivery and used the first startup IPO to fund expansion.
Aftermath
As of its January 5, 2022 listing, Jahez traded on Nomu under ticker 9526 at a market capitalization of about SAR 8.9 billion ($2.4 billion). Its stated plan was to use the roughly SAR 1.8 billion raised to accelerate regional expansion and diversify beyond food delivery into quick commerce, cloud kitchens and other verticals, and its 2022 annual report said much of the IPO proceeds were redirected to that expansion drive.
Sources
- Jahez raises $36 million in Series A
- جاهز تحتفل بإدراج أسهمها في السوق الموازي السعودي برأسمال قدره 2.4 مليار دولار
- Jahez | Annual Report 2022 — The IPO
spotted an error? The archive wants to know.
Your turn
You just read one. Describe what you are building, and see who is betting on the same thing.
Free account · 3 free questions · no card