Delivery Hero announced that it has acquired InstaShop, a leading online grocery marketplace in the Middle East and North Africa.
Delivery Hero has acquired all InstaShop shares based on a valuation of USD 360 million. It is the biggest sum ever paid for a Greek startup.
InstaShop was launched in June 2015. The company generates approximately USD 300 million GMV on a Q2 2020 annualized basis, up c. 330% year-on-year, and a positive EBITDA margin.
It’s business model is marketplace-based: it connects customers with vendors and facilitates the purchase, while the shops take care of the logistics. The company offers scheduled as well as on-demand deliveries in 45 minutes on average.
Partnering with approximately 1,500 vendors, the company operates in five countries: the United Arab Emirates, Qatar, Bahrain, Egypt and Lebanon.
John Tsioris, CEO and Co-Founder of InstaShop, said: ”I really enjoyed working with Delivery Hero on this deal and am thrilled to continue to further expand the reach and quality of our service at InstaShop.”