Instacart is a big step towards public offering.

Instacart is a big step towards public offering.

Grocery delivery company Instacart said on Wednesday it would test the water for a public offering, despite the recent turmoil for tech stocks and the company’s own uproar over the past year.

The company said it had submitted documents for the so-called confidential filing, which meant it did not have to disclose any data about the company. Filing does not require Instacart to comply with the initial public offering, but is considered a major step forward.

If Instacart goes public, it will do so at a dangerous time. According to Renaissance Capital, Wall Street, due to inflation and the war in Ukraine, has been cooling for tech stocks in recent months, and the number of IPOs has dropped by 80% as of May 4, compared to a year ago, Renaissance Capital According to.

Instacart, which connects in-house customers with shoppers who buy groceries in stores and then deliver them, has handled its own problems. In March, the company reduced its value from 40 40 billion to 24 24 billion, a rare move for a private startup. Some employees complained that the change was tantamount to a pay cut.

As Quaid’s business grew in 2020, the company saw an increase in its sales and revenue. But the pace slowed in the second quarter of 2021 as more people were vaccinated and returned to their regular shopping habits.

The company has been looking in that direction ever since. It has sought to become the largest technology provider for grocery partners with whom it has worked over the years, but has reacted with ambiguity to new products.

Apoorva Mehta, founder and chief executive of Instacart, was replaced by a former Facebook executive, although he remained chairman of the board. Other top officials, including two presidents, have also resigned.

Mr Mehta was involved in a tense discussion with members of his board of directors, including Dor Dash and Ober, about the possible acquisition of InstaCart last year, according to four people. Are aware of the situation. (New York Times Chief Executive Meredith Copt Levine joined InstaCart’s board of directors in October 2021.)

Instacart was founded in 2012 by Mr. Mehta, along with Max Mullen and Brendan Leonardo. Its major investors include Andreessen Horowitz, Sequoia Capital and D1 Capital Partners.

The move to take the company to the public would be the next step in a new vision for InstaCart, developed by the chief executive of Fidji Simo, who stepped in for Mr Mehta last summer. According to a person familiar with the situation, Instacart is working with Goldman Sachs and JP Morgan on the offer.

In a blog post to commemorate Instacart’s 10th anniversary on Wednesday, Ms. Simo did not directly address the company publicly, but said that Instacart would create technology for the next 10 years of its grocery business. Has been

“Along the way we will have to navigate new challenges and volatile public markets,” he wrote. “But we have a vision that must be pursued.”

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