Business

Online grocery delivery platform Instacart secures filings for US IPO


A shopper prepares to fill her shopping cart at a Giant supermarket in Washington, DC, April 6, 2020.

Evelyn Hockstein / The Washington Post via Getty Images)

Grocery delivery platform Instacart said late Wednesday it had filed a draft registration statement with the U.S. Securities and Exchange Commission (SEC), paving the way for the company to list its shares. me.

Grocery delivery company valued at $39 billion in March 2021, when it raised $265 million. That made Instacart one of the most valuable venture-backed companies in America at the time.

However, it said in March it was nearly 40% off valuation around $24 billion, to reflect this year’s sell-off in tech stocks.

The development comes at a volatile time for tech stocks in the US this year, with the Nasdaq down nearly 30% from last November’s high.

For Instacart, the past few years have been a roller coaster ride. Facing a challenging business model heading into 2020, the company got a big boost during the Covid-19 pandemic as many consumers cut back on trips to the supermarket and switched to grocery ordering. online.

But two concerns about accelerating inflation and the anticipation of higher interest rates sent risk assets into a tailspin starting in November.

Still, Instacart says its business outlook remains good.

The company is trying to expand beyond its core market, Notification This week, a suite of software to sell to supermarkets, along with a fulfillment service called Carrot Warehouses, aims to help grocers deliver in 15 minutes.

– CNBC’s Annie Palmer contributed to this report.



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