DUBAI: The deal, first announced in September 2024, was fully financed through talabat’s internal cash reserves, the company confirmed on Thursday. With this acquisition, talabat’s pro forma grocery and retail gross market value has surged beyond $2.5 billion, unlocking new operational and technology efficiencies.
Instashop, originally acquired by Delivery Hero for $360 million in 2020, will continue operating as an independent brand within talabat’s grocery and retail segment. This will allow cross-listing opportunities for partners and expand market reach.
Tomaso Rodriguez, CEO of talabat said that they aim to create a more seamless and efficient delivery experience for our customers across the UAE and Egypt, while driving further product and technology synergies
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The move comes as talabat cements its market leadership amid growing competition from Deliveroo and Careem. The company, which was founded in Kuwait in 2004 and moved its headquarters to the UAE in 2012, now operates across eight markets with over six million customers, 65,000 vendors, and 119,000 riders.
Talabat’s IPO on the Dubai Financial Market in December raised $2 billion, making it the Gulf’s biggest listing of 2024. In its first financial results post-IPO, talabat reported a 54% surge in Q4 net profit to $138 million, with annual revenue soaring 32% to nearly $2.9 billion.
