Key facts:
- In the Aftermath of the Wirecard’s scandal, Delivery Hero will enter the DAX (the German leading stock market index made of 30 companies only).
- Delivery Hero announced the acquit ion of InstaShop, an Instacart-like company active in the United Arab Emirates (UAE), Egypt, Lebanon, Bahrain and Greece for $360M
- Founded by Greek entrepreneurs, and with only $7M raised until now, InstaShop has grown fast and has now more than 500,000 users
Why it matters – DigitalFoodLab’s opinion:
Delivery Hero’s inclusion to continental Europe’s leading market index is mostly symbolic. Indeed, the company has been public for some years. However, it still is a strong symbol for a European FoodTech startup to be given such recognition.
The acquisition of InstaShop is another proof of its strategy of growth through acquisitions, notably in developing countries (and not in Europe where it sold its activities to Takeaway). The push toward groceries is also significant. We have observed in the last couple of months a shift in investments and focus from restaurant delivery toward grocery delivery, only reinforced by lockdown and the whole COVID-19 crisis. Combining both services could be a boon, but if many have experimented it, it has been without major success until now.
