On-demand grocery delivery service InstaShop had reportedly raised just $7m prior to the acquisition, with Souq and Jabbar Internet exiting.
Food delivery service Delivery Hero yesterday revealed it has bought InstaShop, a United Arab Emirates-based online grocery delivery platform backed by corporates Jabbar Internet Group and Souq, for about $360m.
The transaction valued InstaShop at $360m and consists of $270m in cash that has been provided upfront, together with additional payments dependent on the service hitting growth milestones post-acquisition.
Founded in 2015, InstaShop runs an on-demand grocery delivery service across the United Arab Emirates, Egypt, Qatar, Bahrain and Lebanon. It…
