Instacart Inc. stated that it was confidentially made public and this is a long-awaited step after the company recently reduced his score by 40%.
The San Francisco-based food delivery company said Wednesday night it had submitted a draft application for registration to the Securities and Exchange Commission. There were no additional comments from the company.
The feed comes as Instacart growth is slowing after the boom caused by the pandemic, when people turned to the company’s app to order products online instead of going to physical stores. The company raised more than $ 265 million in March 2021 from investors with an estimate of $ 39 billion. It has become the largest food delivery company given the supermarket giants
Kroger The company
as customers. Instacart has also started supplying from non-food retailers such as
The best buy The company
and expanded its advertising business in an effort to boost sales and offset shipping costs.
In 2021, Instacart named Fiji Simo, a longtime leader
like him new executive director.
Apurva Mehta, co-founder and former CEO of Instacart, became executive chairman of the board, saying at the time that Ms. Sima would help make the company public and expand its business.
Mr. Mehta and Mr. Sima last year also discussed possible deals with competitors
Uber technology Inc.,
people familiar with the matter have spoken before.
Bloomberg News previously reported on the IPO.
Business Instacart has been turbulent lately, as competition intensifies and consumer habits change as the pandemic recedes. According to research firm 1010data Services LLC, Instacart sales grew 330% from 2019 to 2020, but grew 20% in 2021.
In March, Instacart told employees it would cut its estimate by 40% to $ 24 billion, citing market conditions. Ms. Sima told staff then that the change in valuation did not affect the company’s plans to go public.
The leaders also left. Carolyn Everson, who joined Instacart last year as president of Meta Platforms, left about four months after joining the company. In October at Walmart Inc. left Seth Dahler, chief revenue officer.
Write Javon Kahn y email@example.com
Copyright © 2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8
Appeared in the print edition of May 12, 2022 as “Instacart Readings Public Listing”.