What is Instacart?
Instacart is an American company that operates a grocery delivery and pick-up service in the United States and Canada. The company offers its services via a website and mobile app. In 2023, Instacart net worth is around $39 Billion.
The services allow customers to order groceries from participating retailers, with the shopping done by a personal shopper. Grocery delivery service is available to anyone with an email address and a credit card. Max Mullen and Apoorva Mehra founded the company.
|Based on:||Deliver Groceries in Canada & US|
|CEO and Founder:||Apoorva Mehta|
|Headquarters:||San Francisco, California|
|Apoorva Mehta Net Worth:||$1.2 Billion|
|Instacart Net Worth 2023:||$39 Billion|
Instacart is a popular delivery service. Customers can buy grocery items online. Then, the shoppers pack up the orders and deliver them to the customers’ homes.
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The pandemic has led to greater demand for this service, which is accessible to over 85 percent of Americans and 70 percent of Canadians. According to Instacart, order volume has increased by 500 percent, and average customer spending has increased by 35%.
Apoorva Mehta founded the company Instacart in 2012. The 33 years old founder of Instacart became a billionaire. During the coronavirus outbreak, his company service has been in high demand. He is basically from India and was raised in Canada.
Apoorva Mehta enrolled at the University of Waterloo to study engineering. Along with their studies, he worked at several tech companies, like Qualcomm and BlackBerry, and then moved to Seattle to work as a distribution engineer for Amazon.
Apoorva’s job was to develop a delivery system to get shipments to customers from Amazon warehouses. These years at Amazon taught him that he likes building software and wants challenges. The Amazon job didn’t challenge him, so he left.
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After that, he founded start-ups for two years. Mehta started more than 20 companies before Instacart. Unfortunately, none of them succeeded. The problem wasn’t that his products weren’t good; he neglected them.
Apoorva focused on the day-to-day challenges he faced. As a resident of San Francisco, he did not own a car. Cooking was his passion, but he could not find the groceries he needed in his neighborhood.
People watch movies, shop, and meet online but do not shop for groceries online. It seemed like he had hit on a brilliant idea, and in no time, he had created an app where customers could order groceries and shoppers could shop for them.
By using his app, Mehta sent a 6-pack of beer to a fellow Y Combinator mentor, which led to a meeting and funding for his startup in 2012. Mehta was named one of Forbes’ 30 Under 30 – despite orders often arriving without shoppers in the same year.
He delivered himself by hailing an Uber. Instacart now operates in over 5,500 cities in North America, up from just San Francisco in 2012. In 2019, it had contracts with more than 30,000 stores and added pickup. In April 2020, additionally, it began delivering prescriptions. As of now, almost 200 pharmacies are offering the service.
Instacart Yearly Valuation
Instacart Net Worth 2023 / Income
In 2023, Instacart net worth is $39 Billion. The founder and CEO of the company Apoorva Mehta’s Net Worth $1.2 Billion.
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