InstaShop, a leading online marketplace for supermarkets, pharmacies, and pet shops in the Middle East, announced its acquisition of GroCart, a B2B wholesale marketplace service.
The marketplace plans to expand its smart B2B operations across the MENA region, targeting countries with a high concentration of small shops such as Egypt.
In August 2020, Instashop was acquired by Germany’s Delivery Hero for $360 million.
Instashop was founded in 2015 by John Tsioris and has a presence in UAE, Egypt, Oman, Qatar, Bahrain, Egypt, Lebanon, and Greece.
The move will also enable InstaShop to expand further into the lucrative Traditional Trade & HORECA business, as the FMCG wholesale industry market size is US$40 billion in the UAE.
“We recognize the evolving needs of businesses in today’s dynamic market, and we are thrilled to announce our acquisition of GroCart. By leveraging our extensive network and cutting-edge technology, we aim to revolutionize the way companies shop, ensuring efficiency, cost-effectiveness, and a seamless experience,” says John Tsioris, Founder and CEO of InstaShop.
Nesma Zaghow, Co-Founder and COO of GroCar says: “The shared vision between Instashop and Grocart is exciting, we believe that together we’ll be able to enhance our impact while pushing the boundaries of customer experience.”
Hussein Hosni, Co-Founder & CEO of GroCart added, “I feel proud of what we have achieved at GroCart and I am super excited about the upcoming chapter in our story.
“In two years, we have built a solid startup that has grown exponentially. We firmly believe that this milestone will enable Grocart to lead the grocery B2B market in UAE. “ Together with InstaShop, we aim to radically facilitate the way FMCG trade, financing, and payments are done. Through this acquisition, Grocart will strongly benefit from InstaShops’ broad client base and strong financial position to unlock more opportunities, ”Hosni added.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.