Najm CapitalNajm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting
3
K. Al Rashidi · Director
KR
All positions
LuLu Group
On thesisRetail & Hypermarkets·Specialty Consumer & Industrial·Growth Equity·Invested 2021·4% stake
Position
Mark1.35x
Gross IRR9%
Invested$340M
LatestNo recent touchpoints recorded.
Next board:2026-05-07
Ownership + team
4% stake · 1 board seat1.0x liquidation preference
UAE hypermarket chain · 1.35x mark · 240+ stores · South Asia diaspora + GCC family retail · omnichannel transformation and private-label margin expansion on track
Ask about LuLu Group · pulls from SharePoint memos + Snowflake fund DB + firm memory
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Financial profileLatest as of 2026-03-31
Revenue$9.2BLTM Q1 2026 · +11% YoY
EBITDA margin9.5%Grocery-retail baseline · expanding
MOIC1.35x$5.0B entry → $6.75B mark
Store count245+12 countries · 6 GCC markets
Three-way benchmark
Revenuemeasured in $B
Actual
Thesis target
VCP plan
Peer median
Performance update
Revenue $9.2B LTM · +11% YoY · KSA segment growing 16% · new Riyadh stores ahead of plan
Private label mix reached 18% GMV · +700bps from entry · gross margin expansion visible in Q4 2025
LuLu Express quick-commerce 12 UAE cities · 28-minute average delivery time · 4.2M orders in 2025
IPO preparation commenced: ADIB appointed as financial adviser · ADX listing target H1 2027