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News on Medial
Grocery delivery service Instacart aims for $616 million raise in US IPO
Economic Times
·
1y ago
Medial
Grocery delivery service Instacart plans to raise up to $616 million through its initial public offering (IPO), offering 22 million shares at a price range of $26 to $28 per share. The San Francisco-based company is joining a wave of high-profile names going public in September as it tests investor appetite in the IPO market. Instacart's IPO comes after a subdued market in recent years due to factors such as geopolitical events and interest rate increases.
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Grocery delivery app Instacart makes IPO filing public
Economic Times
·
1y ago
Medial
Grocery delivery app Instacart has reported a 31% increase in revenue for the first half of the year and filed for an IPO on the New York Stock Exchange. The company's revenue reached $1.48 billion in the six months ending June 30, with net income at $242 million compared to a $74 million loss the previous year. The profitable status could make Instacart more attractive to investors. The IPO, along with others like SoftBank-backed chip designer Arm, is expected to reinvigorate the US IPO market, which saw a downturn in 2022.
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Instacart reveals IPO filing, disclosing PepsiCo investment, profitability
Economic Times
·
1y ago
Medial
Grocery delivery service Instacart announced its core business turned profitable as it filed for its long-awaited initial public offering (IPO). The San Francisco-based company disclosed an investment of $175 million from PepsiCo Inc. and revealed cornerstone investors for its IPO, including Norges Bank Investment Management and venture capital firms TCV, Sequoia Capital, D1 Capital Partners, and Valiant Capital Management. Instacart reported revenue of $1.48 billion for the six months ending June 30, with net income of $242 million. The IPO is expected to take place in September, alongside other high-profile names entering the market.
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Who is Apoorva Mehta, Instacart Co-founder who made a ₹9,100 crore exit?
Hindustan Times
·
1y ago
Medial
Apoorva Mehta went from being an engineer at Amazon to becoming a billionaire at age 37, thanks to his innovative business idea. In 2012, Mehta founded Instacart, a platform for grocery delivery that now serves over 7.7 million customers and partners with more than 80,000 retailers in the US. The inspiration for Instacart came to Mehta when he realized that he could buy everything online except groceries. The company recently went public with an IPO valuation of $9.9 billion.
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Instacart to target valuation of up to $9.3 billion in IPO: report
Economic Times
·
1y ago
Medial
Instacart is aiming for a valuation of $8.6 billion to $9.3 billion in its upcoming initial public offering (IPO), a significant drop from its $39 billion valuation in 2021. The grocery delivery service plans to disclose this valuation range in an updated IPO regulatory filing. Instacart's IPO is expected to take place in September, and it had previously considered a direct listing. In the first half of 2023, the company reported revenue of $1.48 billion and a net income of $242 million.
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Instacart valued at $9.9 billion as IPO market rebounds
Economic Times
·
1y ago
Medial
Instacart, the grocery delivery app, has priced its initial public offering (IPO) at the top of its range, resulting in a $9.9 billion fully diluted valuation. The IPO was priced at $30 per share, raising $660 million based on 22 million shares sold. This is a lower valuation compared to the $39 billion value assigned by investors in a private fundraising round earlier this year. The offering signifies the rebound of the US IPO market, which had been quiet until recent successful IPOs like Klaviyo and Arm.
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Swiggy's Strategic Merger: Instamart and InsanelyGood Align Ahead of IPO Launch
StartupTalky
·
1y ago
Medial
Swiggy has merged InsanelyGood with its Instamart grocery delivery service as part of its strategy to improve efficiency and combine its food and grocery delivery services. This move comes ahead of Swiggy's anticipated IPO and aims to increase investor confidence. Swiggy Instamart is recognized as India's leading quick commerce grocery service and operates in over 25 cities. The integration of InsanelyGood into Instamart will help Swiggy streamline operations and solidify its position in the rapidly growing online grocery market, catering to the increasing demand for quick delivery of essential groceries.
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Grocery-delivery firm Instacart forecasts strong Q1, plans 250 job cuts
Reuters
·
1y ago
Medial
Instacart forecasts strong Q1 with gross transaction value and core profit exceeding expectations. However, shares declined by 10% after missing fourth-quarter revenue estimates. The grocery-delivery firm intends to cut 250 jobs, about 7% of its workforce, to focus on promising initiatives. The company aims to reshape and flatten the organization to drive long-term transformation. Instacart also announced an additional $500 million share repurchase program.
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Didn’t want my legacy to be defined by one company: Instacart founder Apoorva Mehta
Economic Times
·
1y ago
Medial
Apoorva Mehta, founder of Instacart, discusses the challenges of taking the grocery delivery startup public during a tech IPO downturn. Despite strong financials, Instacart's shares still trade below the listing price. Mehta, now focused on his healthtech startup Cloud Health Systems, reflects on his time at Instacart, competing with Amazon, and the decision to go public. He addresses the value erosion and the broader tech IPO market, emphasizing the importance of long-term company stability. Mehta also hints at the challenges and opportunities in the healthcare sector.
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Instacart erases all gains 1 day after rising 43% on market debut
Inshorts
·
1y ago
Medial
Instacart's rally is expected to lose steam following its $660 million IPO. The company faces challenges such as increasing competition from Uber and DoorDash, as well as a slowdown in the growth of online grocery sales. To boost profits, Instacart is exploring additional revenue streams such as advertising and data.
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Instacart partners with Uber Eats to offer restaurant deliveries
Economic Times
·
1y ago
Medial
Instacart has announced a partnership with Uber Eats to offer restaurant delivery to its customers. The collaboration will allow Instacart shoppers to access restaurant orders within the app, which will then be delivered by Uber Eats drivers. Instacart Plus members will receive free restaurant delivery for orders over $35, while regular members will be charged Uber Eats delivery fees. The deal aims to provide more benefits to Instacart customers and increase Uber Eats' reach, particularly in suburban areas where Instacart has a strong user base.
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