Instacart Revenue and Usage Statistics (2024)

What is Instacart?

Instacart is an on-demand grocery delivery company that provides grocery shopping, delivery, and pick-up services in the USA and Canada through a website and mobile app. Founded by Apoorva Mehta, Brandon Leonardo, and Max Mullen in 2012, Instacart currently has a valuation of about $24 billion. 

Alongside its standard model, Instacart also offers a subscription package called Instacart Express for $9.99 per month or $99 per year. The membership allows members to waive delivery charges for orders over $35.

Company Overview

Funding Rounds

• January 2015: Instacart raised $220 million at a $2 billion valuation (Bloomberg)
• March 2017: Instacart raised $400 million at a $3.4 billion valuation (Techcrunch)
• February 2018: The company raised $200 million at a $4.2 billion valuation. (Techcrunch)
• October 2018: Instacart valued at $7.6 billion after raising $600 million. (Reuters)
• November 2018: Instacart raised an extra $271 million. (Reuters)
• June: 2020: Instacart raised $225 million at nearly $14 billion valuation. (CNBC)
• October 2020: Instacart valuation more than doubled to $17.8 billion after raising $200 million. (CNBC)
• March 2021: Instacart raised $265 million from existing investors, at a $39 billion valuation. 

Instacart Valuation

Instacart went public on September 19, 2023. Instacart closed its first day of trading at $33.70, up 12% from its initial public offering price of $30.

• On May 12, 2022, Instacart announced that it confidentially filed for an IPO. However, it was said on October 2022 that the company pull back on its IPO plans. (The WSJ)
• Instacart valuation was slashed by 40% to about $24 billion, in order to attract talent and adapt to market conditions. (Bloomberg)
• December 2022: According to The Information, Instacart, which bankers expect will list its shares publicly in 2023, has cut its internal valuation to around $10 billion.

Instacart Revenue Statistics

• Instacart revenue for the full year 2023 was $3,042 million, up 19% year-over-year, representing 10% of GTV. For 2023, the company reported a GTV of 30,322 million, up 5% year-over-year. Transaction revenue for the full year was $2,171 million, up 20% YoY, while advertising revenue was $871 million, up 18% YoY.
• Instacart revenue for the first quarter of 2024 was $820 million, up 8% year-over-year, representing 7.2% of GTV. For the quarter, its GTV increased 11% YoY to $8,319 million. Its transaction revenue totaled $603 million, up 8% YoY, while advertising revenue was $217 million.

Instacart Usage Statistics

• For the first quarter of 2024, Instacart orders reached 269.2 million, up 3% year-over-year. For the full year 2023, the company reported 72.8 million orders, 9% year-over-year.
• In 2020, Instacart reached 10 million active users and 500,000 active shoppers. 

Instacart’s market share of US downloads among the top food delivery apps surged from 5 percent in 2019 to 12 percent in 2020, where it remains for the first two months of 2021. (Sensor Tower)