UAE-based e-grocery startup InstaShop today announced that it has been acquired by Germany’s Delivery Hero in a deal worth $360 million on a cash and debt-free basis. It marks the one of the Middle East’s largest exits to date.

Founded in 2015 by John Tsioris, InstaShop operates in the UAE, Bahrain, Egypt, Lebanon and Qatar and has an annualised gross merchandise volume of $300 million.

InstaShop will continue working as an independent brand under Tsioris with plans to launch in new markets and invest further in growth.

“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.”

The acquisition marks Delivery Hero’s continued expansion in the Middle East, which relies on the region for more than a third of its revenue through its subsidiaries Talabat, Otlob in Egypt, Hungerstation in Sudai Arabia and Yemeksepeti in Turkey. Its acquisition of InstaShop however, is its first into the region’s e-grocery space.

“I’m delighted to welcome InstaShop to the Delivery Hero family,” said Niklas Ostberg, CEO and co-founder of Delivery Hero. “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.”

The initial purchase price was $270 million according to Reuters, the remaining $90 million will be dependent on InstaShop’s growth and profitability in the future.

InstaShop’s early investors include Jabbar Internet Group and Greek-based VentureFriends.