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Saudi Arabia-based quick-commerce company Ninja is considering submitting a bid to acquire some of Delivery Hero’s Middle East assets, in a move that could further complicate Uber’s plans to acquire the German food delivery company.
The options being explored by Ninja include acquiring HungerStation, Delivery Hero’s Saudi unit, as well as potentially partnering with another group to acquire parts of Talabat, the Dubai-based food delivery platform.
Ninja is expected to focus first on HungerStation, as the Saudi unit would likely be easier to integrate into its local operations and may face fewer regulatory hurdles compared with other regional assets. Sources indicate that the company could submit a proposal to Delivery Hero’s board soon, while noting that discussions remain at an early stage and Ninja may still decide not to proceed with a transaction.
The move comes as the Middle East has become an increasingly important battleground for global food delivery companies seeking new growth markets, after facing challenges in expanding across markets such as China and Southeast Asia, where major local players continue to dominate.
A successful bid for any of Delivery Hero’s regional assets could weaken Uber’s chances of acquiring the entire company without entering a competitive bidding process. Previous reports also pointed to interest from DoorDash in Delivery Hero’s Middle East business, while Prosus, formerly Delivery Hero’s largest shareholder until last month, is considering increasing its stake in an effort to derail Uber’s takeover attempt.
Estimates suggest that the value of Delivery Hero’s Middle East and South Korea assets may exceed the company’s current market value, with some parties close to the matter valuing the sum of its separate parts at more than €17 billion.
Delivery Hero raised around $2 billion from selling a 20% stake in Talabat through an initial public offering on the Dubai Financial Market at the end of 2024. Talabat currently has a market value of around $8 billion. However, its shares have fallen by nearly one-fifth since listing, a decline some bankers have linked to a slowdown in IPO activity on Dubai’s exchange.
Ninja’s business model differs from both Talabat and HungerStation, as the Saudi company operates a network of dark stores dedicated to online orders, with a stronger focus on groceries and household products rather than traditional food delivery.
Founded in 2022, Ninja reached unicorn status within just three years after surpassing a valuation of $1 billion. One of its founders previously helped establish HungerStation, while another is a former executive at Delivery Hero and Gorillas, which was acquired by Getir in 2022.
Both Ninja and Delivery Hero declined to comment on the matter.
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