Uber’s Delivery Hero takeover faces new threat as Saudi unicorn Ninja eyes HungerStation

Uber’s effort to acquire Berlin-based Delivery Hero has encountered a fresh rival: Riyadh-based quick-commerce unicorn Ninja. According to reports first flagged by the Financial Times and covered by TechStartups, Ninja — founded by Ebrahim Al-Jassim, the entrepreneur who originally built HungerStation — is “considering a bid for some of Delivery Hero’s Middle East assets,” a move that could complicate Uber’s roughly €10 billion takeover push for the German delivery group.

"Ninja is considering a bid for some of Delivery Hero's Middle East assets, adding to a list of suitors that could complicate Uber's plan to buy the German food delivery company. Riyadh-based Ninja's options include buying HungerStation and partnering with another group to acquire parts of Talabat," the Financial Times reported.

Context and details

Uber first approached Delivery Hero in May with a takeover proposal valued at roughly €10 billion (about $11.6 billion). Delivery Hero rejected the initial offer, prompting Uber to buy shares on the open market and lift its stake to roughly 37%, making it the company’s largest shareholder. Delivery Hero’s Middle East portfolio includes regional heavyweights such as Talabat — active in the UAE, Kuwait, Qatar, Bahrain, Oman, Jordan, Egypt and Iraq — and Saudi Arabia’s HungerStation.

Ninja, founded in 2022, has built a business around ultra-fast delivery of groceries, pharmacy items and prepared food via a network of dark stores across Saudi Arabia, and has expanded into Bahrain, Qatar and Kuwait. The startup reached unicorn status in 2025 after raising $254 million in a funding round led by Riyad Capital, a raise that valued Ninja at approximately $1.5 billion. The company has previously indicated plans for an eventual listing on Saudi Arabia’s Tadawul.

• Founder: Ebrahim Al-Jassim — originally built and later sold HungerStation to Delivery Hero.
• Ninja funding: $254 million round in 2025 led by Riyad Capital; valuation ~ $1.5 billion.
• Uber’s approach: initial takeover proposal ~ €10 billion (~$11.6 billion); now holds ~37% of Delivery Hero.
• Regional assets: Talabat and HungerStation among the most valuable Gulf delivery brands.

The FT’s account suggests Ninja could submit a formal proposal for HungerStation as soon as this week, potentially partnering with another buyer to acquire parts of Talabat. That scenario would peel away some of Delivery Hero’s most attractive regional assets and could undercut Uber’s stated aim of buying the company as a whole.

Outlook

Uber now faces a more crowded and complicated bidding landscape. Prosus, the Amsterdam-listed investor and former major Delivery Hero shareholder, recently secured a temporary waiver from European regulators and is reported to be exploring ways to increase influence or oppose an Uber transaction unless terms improve. DoorDash has also reportedly examined Delivery Hero’s Middle East operations, underscoring wider interest in the region’s delivery markets.

Whether Ninja formally bids, triggers a bidding contest, or simply delays Uber’s strategy remains uncertain. What is clear is that a Saudi founder who once sold HungerStation to Delivery Hero may now have an opportunity to reclaim the business, potentially reshaping competition for food delivery and quick commerce across the Gulf.