Travis Kalanick’s CloudKitchens, a leader in the ghost kitchen sector, is preparing for an IPO targeting the UAE or Saudi Arabian exchanges. The company has enlisted Goldman Sachs to guide the offering.
CloudKitchens has revolutionized the food delivery industry by providing optimized meal prep spaces linked to its unique platform. Founded by former Uber CEO Travis Kalanick, the company is looking to capitalize on the booming online food delivery market in the Middle East, which has seen significant growth in digital orders. The company is also backed by a robust $400 million investment from Saudi Arabia’s Public Investment Fund, highlighting the strong confidence in its business model.
The move to launch an IPO in the Middle East indicates a bold step for CloudKitchens, signaling its intent to leverage the region’s digital market boom. Although specifics of the IPO are yet to be revealed, the company’s decision to go public underscores the growing interest in tech-driven services in the region.
The Middle East’s appetite for tech solutions is increasing, driven by rapid digital growth. CloudKitchens’ IPO plans reflect this trend, as investor interest in online food delivery and digital platforms continues to rise. With increasing internet penetration and rapid urbanization, markets like the UAE and Saudi Arabia offer strong potential for tech ventures to thrive.
This move also fits into a larger trend of international tech companies entering the Middle East’s digitally advanced markets, reinforcing the region’s role as a key player in the global digital economy.
