On-demand grocery startup Instashop acquired by Delivery Hero for $360M — Greece’s biggest tech exit yet
By Steve O’Hear
Grocery delivery has emerged as one of the hottest categories in e-commerce in the last six months, partly due to coronavirus pandemic, where stay-at-home orders plus a general reluctance to avoid crowded places have led many more consumers to shopping online. Today, one of the big players in on-demand restaurant delivery is picking up a grocery delivery business both to meet that demand and continue diversifying its business.
Delivery Hero, the Berlin-based restaurant delivery company that operates mainly in emerging markets, has acquired InstaShop, a Dubai-based grocery delivery platform with around 500,000 users in five markets where people can order food and other home supplies, pharmacy items, flowers, and other items.
Delivery Hero said the acquisition values the company at $360 million, $270 million up front plus an additional $90 million based on InstaShop meeting certain growth targets. It currently operates in five markets: United Arab Emirates, Lebanon, Egypt, Bahrain, and Greece, the home country of the founders, Ioanna Angelidaki and John Tsioris. It’s a great return for investors: the five year-old startup had raised just $7 million before being acquired.
Both Delivery Hero and InstaShop are already profitable. The bigger …read more
Source: Tech Crunch