The grocery delivery service which made waves in the industry during the fatal coronavirus pandemic- Instacart. But who owns this million-dollar company? Who owns Instacart?
Some of you might have heard about the company during the pandemic, while some might have heard it due to its wild success.
So, without further ado, let’s begin our guide to know more about this grocery delivery unicorn.
About Instacart
The story of Instacart began in June 2012 by entrepreneur Apoorva Mehta. The concept and execution of the Instacart app and website occurred in the San Francisco Area.
The company was started by Apoorva Mehta, Max Mullen, and Brandon Leonardo, while the concept was introduced by Apoorva Mehta.
The initial service was offered only in the parts of San Fransisco, but soon, the company started to offer the services all across the United States and Canada.
As of 2023, Instacart is available in 14,000 cities in Canada and The United States.
Who Owns Instacart?
Instacart is owned by Maplebear Inc. However, the company also has a CEO, who controls the company’s operation in collaboration with Maplebear Inc.
So, technically, no one owns the entire company. Also, not all the board members of the company are publicly known.
But some of the prominent leaders of the company are Fidji Simo, Max Mullen, Apoorva Mehta, Brandon Leonardo, Mark Schaaf, Michael Mortiz, Nick Giovanni, and Chris Rogers.
The current CEO of the company is Fidji Simo. She took rein as the CEO in August. She was a former Facebook executive who directly reported to Facebook founder Mark Zuckerberg.
Is Instacart Public Or Private?
According to CNBC, Instacart will be one of the first independent grocery delivery companies to go public. Amazon Fresh Delivery, Walmart Grocery, and Google Express are all units of large corporations.
The stock will be listed on the NASDAQ under the ticker symbol “CART.”
The company was prepped for the listing in 2022. However, the stock market grew more volatile, delaying the company’s listing.
What Is The Parent Company Of Instacart?
A parent company is also known as a holding company. It is a corporation that controls separate businesses that are partially owned and controlled by the parent.
With the help of its board of directors, a parent company effectively controls the actions of its subsidiaries.
In the case of Instacart, its parent company is Maplebear Inc.
Maplebear Inc. is an American delivery company that offers grocery delivery and pick-up services in the United States and Canada. The company has its headquarters in San Francisco, and other than acting as an umbrella to Instacart, it also controls a few small companies.
Some companies under Maplebear Inc. are Ridley’s Family Markets, Shop United, Shop Cash Saver, and Homeland Grocery Delivery.
Why Did Apoorva Mehta Leave The Company?
In 2021, the co-founder of Instacart, Apoorva Mehta, left his role as the company’s chief executive and took an executive chairman position.
Now, as the company prepares to IPO, he plans to transition off the board after the company makes its debut in the public market.
The co-founder said, “Since I transitioned from CEO to Executive Chairman a year ago, I realized that I want to pursue a new mission, and I want to do it with the same singular focus that I had while building Instacart,” Mehta wrote on Twitter. “Stepping off the board will allow me to do just that.”
What Are The Companies Acquired By Instacart?
Instacart has acquired around 7 organizations. The company’s most recent acquisition is Rosie, which was acquired on September 7, 2022.
Here is a list of 7 major acquisitions of Instacart:
- Rosie
- Eversight
- Caper
- Foodstorm
- MightySignal
- Unata
- Wedding Party
Instacart Valuation
This data represents the valuation of Instacart from 2016 to 2022 ($bn).
| Year | Valuation ($bn) |
|---|---|
| 2016 | 2 |
| 2017 | 3.4 |
| 2018 | 7.6 |
| 2020 | 13.7 |
| 2021 | 39 |
| 2022 | 24 |
Instacart Revenue
| Year | Revenue ($mm) |
|---|---|
| 2013 | 10 |
| 2014 | 75 |
| 2015 | 120 |
| 2016 | 185 |
| 2017 | 300 |
| 2018 | 525 |
| 2019 | 735 |
| 2020 | 1500 |
| 2021 | 1800 |
| 2022 | 2500 |
The data shows that Instacart made a profit of $2.5 billion in the year 2022, which is a whopping 39% increase from the prior years.
Instacart Partners
This is data of Instacart’s partnered retail and grocery companies from the year 2017 to 2022.
| Year | Partners |
|---|---|
| 2017 | 165 |
| 2018 | 210 |
| 2019 | 300 |
| 2020 | 600 |
| 2021 | 750 |
| 2022 | 1,100 |
Profit Of Instacart
| Year | Profit ($mm) |
|---|---|
| 2019 | -300 |
| 2020 | 50 |
Conclusion
Instacart is a giant company. It entered the market in 2012 but gained popularity during the pandemic. During the pandemic, it had its first net profitable month, netting $10 million.
In the year 2022, it generated $2.5 billion in revenue, which is estimated to grow further.
Overall, the pandemic helped the company to boost its business as the people wanted a safer option to get their groceries.
Now you know who owns Instacart and how much revenue it’s generating, keep an eye out for its listing.
FAQs
How rich is the owner of Instacart?
Apoorva Mehta is an Indian-Canadian businessman. He founded the grocery delivery company Instacart. As of 2021, the company was valued at $39 billion.
Who are the main competitors of Instacart?
The main competitors of Instacart include goPuff, Shipt, Rappi, and FreshDirect.
How many products are listed on Instacart?
There are over 500 million products available on Instacart.