Maplebear Inc, doing business as Instacart, is a San Francisco-based grocery delivery company founded in 2012 by Apoorva Mehta, Max Mullen and Brandon Leonardo.
Instacart offers grocery delivery and pickup services across more than 80,000 stores, in over 14,000 cities. Through its suite of end-to-end solutions, called Instacart Platform, retailers have access to Instacart’s e-commerce technology suite, full-stack end-to-end fulfillment technologies, AI-powered carts and contact-free checkout devices, advertising capabilities and business insights. Instacart partners with more than 1,400 national, regional and local retailers in the US and Canada.
According to Instacart, it processed more than 260 million orders in 2022, up 18% year-over-year, generating roughly $29 billion in gross transaction value (GTV), up 16% YoY.
Instacart stock is available on all major US brokers, and you’ll need a brokerage account to invest.
November 9, 2023: Instacart’s stock price is down by over 4% after releasing its first earnings report since going public. Some results were actually positive with revenue of $764 million (up by around 15%), but it also suffered losses of around $2 billion in part due to IPO expenses.
Maplebear Inc, doing business as Instacart, on September 15, 2023, submitted an updated Form F-1 filing with the US Securities and Exchange Commission (SEC) for its upcoming IPO on the Nasdaq stock exchange. The company lifted its IPO price range from between $26 and $28 per share to between $28 and $30 per share, raising between $616 million to $660 million and giving the company a fully diluted valuation of around $10 billion.
Instacart on Monday announced that it had priced its IPO at $30 per share, at the top end of its $28 to $30 range. This values the company at around $10 billion.
In March 2022, Instacart made the unusual move to voluntarily cut its valuation by nearly 40% to about $24 billion due to this year’s sell-off in technology stocks, Bloomberg reported. This is a substantial drop from March 2021, when the company was valued at $39 billion after a $265 funding round from existing investors Andreessen Horowitz, Sequoia Capital and D1 Capital Partners.
The pandemic darling, which saw explosive growth as COVID triggered lockdowns and forced people to stay home, is now reportedly seeing slower growth.
Still, Instacart reportedly boosted its revenue by 20% to $1.8 billion in 2021 and has more than $1 billion in cash and marketable securities.
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