Berlin-based Delivery Hero has acquired the entirety of InstaShop, an online grocery marketplace in the Middle East and North Africa. In a press release, the German company says the acquisition is another step in its “quest to pioneer q-commerce”, or quick commerce.

Valued at $360 million, Instashop’s initial purchase price was about $270 million. The size of the deferred component to the founding team is dependent on the growth and profitability of the business in the next few years. Current leadership will stay on and continue running the company as an independent brand.

Based in Dubai, the grocery platform launched five years ago and has hit up to 330 percent year-on-year growth across the countries where it operates: the United Arab Emirates, Qatar, Bahrain, Egypt and Lebanon. With Delivery Hero’s support, the plan is to continue expanding into new markets.

Niklas Östberg, CEO and co-founder of Delivery Hero, said: “As a leading player in the grocery segment, InstaShop has built a service customers love, and their expertise is a great addition to our quick commerce expansion. Together, we will continue to invest to drive the future of delivery by pushing the standards for speed and convenience.”

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