Saudi Arabia-based quick-commerce company Ninja is reportedly considering a bid to acquire some of Delivery Hero’s Middle East assets. This potential move could significantly complicate Uber’s existing plans to take over the German food delivery giant, introducing a formidable regional challenger into an increasingly competitive bidding landscape.
Targeting HungerStation And Talabat
The strategic options currently being explored by Ninja include a direct acquisition of Delivery Hero’s Saudi unit, HungerStation, as well as a potential partnership with another investment group to acquire parts of the Dubai-based food delivery platform, Talabat. Sources indicate that Ninja will likely prioritize HungerStation in the initial phase. Integrating the Saudi unit aligns more naturally with Ninja’s local operations and presents fewer regulatory hurdles compared to acquiring assets across multiple regional jurisdictions. While a formal proposal could be submitted to Delivery Hero’s board in the coming days, discussions remain in their infancy, and Ninja could ultimately opt out of the transaction.
Complicating Uber’s Takeover Ambitions
Ninja’s emergence as a potential buyer introduces a significant roadblock to Uber’s pursuit of a complete acquisition of Delivery Hero. The Middle East has rapidly transformed into a vital battleground for global delivery operators seeking new avenues for growth, especially as expansion in markets like China and Southeast Asia remains heavily restricted by dominant local players. If Ninja successfully carves out Delivery Hero’s regional assets, it would likely force Uber into a fragmented or highly competitive bidding war. Furthermore, the Saudi startup is not the only interested party; previous reports have highlighted DoorDash’s interest in Delivery Hero’s Middle East business, while Prosus—Delivery Hero’s former largest shareholder—is reportedly considering increasing its stake specifically to derail Uber’s takeover attempt.
Valuation And Market Dynamics
The financial stakes surrounding Delivery Hero’s regional units are substantial. Industry estimates suggest that the combined value of Delivery Hero’s assets in the Middle East and South Korea may exceed the company’s total current market capitalization, with some insiders valuing the sum of these separate parts at over €17 billion. In late 2024, Delivery Hero successfully raised approximately $2 billion by floating a 20% stake in Talabat through an initial public offering on the Dubai Financial Market. Today, Talabat commands a market value of roughly $8 billion, though its shares have dipped by nearly 20% since the listing, a decline market analysts attribute to a broader slowdown in IPO activity on the Dubai exchange.
About Ninja
Founded in 2022, Ninja is a Saudi Arabian quick-commerce platform that reached unicorn status in under three years, hitting a $1.5 billion valuation in a recent funding round. Unlike traditional food delivery aggregators such as Talabat and HungerStation, Ninja’s business model revolves around a dedicated network of dark stores. The company focuses heavily on the rapid delivery of groceries, household essentials, and consumer goods rather than restaurant orders. The startup’s leadership brings deep industry expertise to the table; one of Ninja’s founders previously played a key role in establishing HungerStation, while another is a former executive at both Delivery Hero and the quick-commerce startup Gorillas.
Source: Jawlah
