Maplebear, operating under the brand name Instacart, has officially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. As a leading online grocery shopping company, Instacart connects consumers with their retail partners, serving 7.7 million monthly active orderers. The company offers various services such as Instacart Marketplace, Instacart Enterprise Program, and Instacart Ads.
Instacart primarily generates revenue through order fees and advertising fees from brands. In recent years, the company has experienced significant growth. Orders have surged by 30% from 2020 to 2021 and 18% from 2021 to 2022. Moreover, the gross transaction value has increased by 20% from 2020 to 2021 and 16% from 2021 to 2022.
Prominent stockholders of Instacart include entities affiliated with Sequoia Capital and D1 Capital Partners. Although the company has not disclosed the expected size and price range for the IPO, it has made an agreement with PepsiCo for a private placement of $175 million of Series A redeemable convertible preferred stock.
Instacart has applied to list on the Nasdaq Global Select Market under the symbol CART. The underwriters for the IPO are Goldman Sachs & Co. LLC, J.P. Morgan, BofA Securities, Barclays, and Citigroup.
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