Greek-run startup InstaShop, a leading online grocery delivery service, was purchased by German food delivery service Delivery Hero for €305 million.
This is the largest sum ever paid for a Greek startup.
InstaShop was launched in 2015 in the United Arab Emirates by Greek entrepreneurs John Tsioris and Ioanna Aggelidaki.
It has since expanded and currently operates in Qatar, Bahrain, Egypt, Lebanon and as of late parts of Thessaloniki.
“The partnership with Delivery Hero is a great opportunity for us to continue to grow our business and put the group’s expertise to use,” said Tsioris. “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. Delivery Hero is a network driven by ambitious founders and entrepreneurs just like ourselves, and we are proud to become part of this family.”
Congratulations to InstaShop on the largest Greek-founded startup company acquisition to date.
With R&D based in Greece and initial Greek investment, it highlights how our startup ecosystem is thriving and going from strength to strength.
— Prime Minister GR (@PrimeministerGR) August 27, 2020
As the Covid-19 pandemic continues, food and grocery delivery apps have experienced a surge in downloads.
“As the impact of the 2020 pandemic hit, demand for InstaShop boomed since mid-February app downloads have increased by 70%, pre-existing users have increased their daily orders by 53%, and the average basket value has increased 61%,” said the co-founder Ioanna Angelidaki in a recent interview with Forbes Middle East.
InstaShop’s services are not limited to groceries, the app also connects users to pet shops, bakeries, pharmacies, cleaners, cafes, florists and even beauty shops.
The products are delivered to users in less than 30 or 60 minutes average, depending on location.
InstaShop will continue to operate as an independent brand under the current leadership