The Jahez story: a rise to $2.4 billion, and the question after
It started as a small unit inside a Saudi company and listed with a market cap of about $2.4 billion. Today it is worth about a quarter of that. What happened?
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Opens on YouTubeImagine a delivery company that lists on the stock market at a market cap of about $2.4 billion, and four years later is worth roughly a quarter of that. This is the story of Jahez.
The beginning: a unit inside a company
In 2016 Jahez wasn't a standalone company. It was a unit inside Alamat International in Riyadh, led by Ghassab Al-Mandeel, a computer science graduate of King Saud University who had held leadership roles in telecom, IT, e-commerce and logistics.
In 2017 the platform moved into its own company. From early on it built its own delivery fleet through its logistics arm, Logi, instead of relying fully on others.
Just one round
In 2020 Jahez raised a single venture round: SAR 137 million (about $36.5 million), led by Impact46.
The surprise was that it was profitable before it went public. That is rare for a delivery company.
Early profit buys you freedom: you don't have to raise every year just to survive.
Going public
- 5 January 2022: Listed on the Nomu parallel market at SAR 850 a share, with a market cap of SAR 8.9 billion (about $2.4 billion). Hassana Investment Company was a cornerstone investor with 4.99%.
- 10 December 2024: Moved to Tadawul's main market.
Expansion
After the listing it expanded to Bahrain and Kuwait, and in 2023 acquired Marn, a cloud point-of-sale system for restaurants. In 2025 it bought 76.56% of Qatar's Snoonu in a deal of about $245 million.
For 2025, Jahez says it handled 111.6 million orders, with 4.6 million active users and more than 54,000 merchant branches. Net revenue reached SAR 2.32 billion.
The market changed
New competitors arrived, including Keeta, owned by Meituan. Momentum Works estimates Jahez's share of food delivery at more than 20% in 2025.
In the first half of 2026 Jahez posted a net loss of SAR 26.6 million after years of profit. By October 2026 its market cap was SAR 2.27 billion, about $0.6 billion, below the billion mark.
The lesson for you as a founder
Reaching a billion is hard. Holding on to it is harder. What made you win yesterday doesn't guarantee tomorrow once the market shifts.
Sources: MENAbytes 2020, Wamda 2022, Argaam 2024, Wamda 2025, Annual Report 2025, H1 2026 results, Arab News 2026, Investing.com.
