Apoorva Mehta, Instacart’s co-founder, has concluded his 11-year tenure with the online grocery-delivery giant, amassing a $1.3 billion fortune as the company went public. Mehta, who transitioned from CEO to executive chairman in August 2021, has now left his board position, passing the torch to current CEO Fidji Simo. The company’s value surged from $7.9 billion to $13.7 billion, making Mehta a billionaire in 2020, owning a 10 percent stake, according to Forbes.
Instacart, known as Maplebear Inc., had an IPO at $30 per share, giving it a $9.9 billion valuation. The company raised $660 million in its initial public offering, selling 22 million shares at $30 apiece, leading to a market value of around $10 billion. Instacart offers delivery and pickup from 85% of US grocers and serves over 7.7 million active customers who spend approximately $317 per month on the platform.
Apoorva Mehta, who grew up in Canada and Libya, studied engineering at the University of Waterloo, and worked at companies like Blackberry, Qualcomm, and Amazon before founding Instacart in 2012. His desire to change the grocery shopping experience led to the creation of the company. Over the years, he raised more than $2.8 billion from investors, including Sequoia Capital and Andreessen Horowitz.
