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.
|Headquarter||San Francisco, CA|
|Number of Employees||10,000+|
|Founded Date||June 2012|
|Founders||Apoorva Mehta, Brandon Leonardo, Max Mullen|
|Crunchbase Profile||Profile Link|
|IPO Date||September 19, 2023|
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 (2022)
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.
|December 2022||$10 billion|
|March 2022||$24 billion|
|March 2021||$39 billion|
|October 2020||$17.8 billion|
|October 2018||$7.6 billion|
|March 2017||$3.4 billion|
|January 2015||$2 billion|
Instacart Revenue Statistics (2022)
- According to a person familiar with the matter, Instacart revenue increased by 39% to $2.5 billion in 2022. According to the Wall Street Journal, the company’s revenue increased over 50% YoY in Q4 2022, while gross profit rose more than 80%.
- According to the sources, Instacart processed $29 billion in gross transaction volume in 2022, an increase of around 16% from the year before.
Instacart Usage Statistics
In 2020, Instacart reached 10 million active users and 500,000 active shoppers.
|Year||Instacart Users||Instacart Shoppers|