The Dubai-based shopping and delivery platform InstaShop has been acquired by Delivery Hero, a German delivery firm, for $ 360 mln. Founded by Greek entrepreneurs Ioanna Angelidaki and John Tsioris in 2015 in Dubai, InstaShop is a leading delivery app for supermarkets, pharmacies, pet shops and other businesses in the Middle East.
Berlin, Germany: 27 August 2020
InstaShop is an online marketplace for grocery, supermarket and related shopping. It connects customers with vendors and facilitates the purchase, while the shops take care of logistics. InstaShop offers scheduled as well as on-demand deliveries in 45 minutes on average. The company operates in five countries: UAE, Qatar, Bahrain, Egypt and Lebanon.
InstaShop’s team is split between operations in Dubai, UAE with their tech team in Athens, Greece. InstaShop generated approximately $ 300 mln in gross market value as of the second quarter of 2020 (on a trailing 12-month basis) with a positive EBITDA margin.
According to EU-Startups, InstaShop’s ability to scale operations rapidly has been essential in ensuring access to food and medical supplies during the COVID-19 pandemic. InstaShop successfully fulfilled a doubling of orders during the peak months.
According to EU Start-ups:
The transaction sets a record value for a Greek startup and one of the largest recent exits in the MENA region. An exit of around €304.3 million is a record for a startup with a Greek founding team and operations in Greece and follows Softomotive’s acquisition by Microsoft earlier this year which is rumored to have been around €126 million. It’s anticipated that the success story will prompt more investors to get involved with startups in the region as well as inspire future entrepreneurs in the Greek startup ecosystem.
Delivery Hero has presence in 39 out of 44 countries in which it is operating across Europe, Latin America, Asia, the middle East and North Africa. Delivery Hero also operates its own delivery service primarily in over 600 cities around the globe. Headquartered in Berlin, Germany, the Company group has more that 27,000 employees.
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Sources:
ZAWYA. 27 August 2020
Delivery Hero. 27 August 2020
EU-Startups. 27 August 2020
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