Jahez’s Journey and Key Milestones

Jahez, Saudi Arabia’s online food delivery unicorn, successfully listed on Saudi’s secondary market, Nomu, raising a US $2.4 billion initial public offering (IPO) in 2022. Jahez achieved this stellar exit within five years of establishing itself. A year prior to IPOing, the food-delivery startup grew from serving 22 cities to serving 47 cities, capturing around 30% of the country’s meal delivery market share.

By the end of 2021, the company served 1.9 million customers. 2 years later, Jahez’s consumer base has almost doubled to serve 3.5 million active customers. Since its IPO on January 5, 2022, Jahez has demonstrated remarkable growth and strategic foresight. By the end of 2023, the company had increased its revenue by 1.5 times and saw a 64% surge in the number of orders compared to 2021.

With an adjusted EBITDA profit of SAR 181.3 million (US $48.3 million) and concluding the financial year with over US $31 million in profits, Jahez has firmly established its market dominance.