InstaCart, the mobile grocery delivery service has quietly made a move to take the company’s profits to the next level. Documents obtained via the Securities and Exchange Commission show that the company has applied for an initial public offering (IPO). Currently, InstaCart is valued at roughly $24 billion dollars after falling nearly 40% from its initial valuation one and a half short years ago. Previously, the platform was touted as one of the most valued venture backed firms in the country, and continues to retain more than 200,000 users on the platform.
Founded in 2012 by Apoorva Mehta, Brandon Leonardo, and Max Mullen, the San Francisco based company employs 10,000 and competes with rivals such as DoorDash,GrubHub, and Amazon Fresh. According to Co-founder Mehta, the company plans to expand their services to include a store based software for grocery retailers. This comes after their recent purchase of artificial intelligence platform Caper AI in the fall of 2021. Although the filing was an initial registration, speculation exists that the company will pursue an active listing sometime this year, as they are seeking financing from JPMorgan Chase & Co as well as Goldman Sachs Group Inc. Currently,potential investors are leary as it comes on the heels of fallen pandemic stocks as well as a cascade of management changes in recent months.
