Instacart (revenue of US$1.8 billion in 2021) unveiled a new strategic direction at the end of March 2022. The company wants to build warehouses capable of providing express deliveries for retailers.
Instacart already provides white-label express deliveries for companies such as Kroger and Publix Super Markets. In 2021, it acquired an automated shopping cart company, as a new step on logistics ambitions. On 25th March 2022, Instacart announced that valuation had fallen by 39% to US$24 billion. This is due to increased competition in the food delivery market and fluctuations in the financial market. In one year, DoorDash’s share price decreased by 22% and Shopify’s fell by 35%. According to Fiji Simo, C.E.O., this does not affect Instacart’s I.P.O. plan. In recent months, the company has undergone a series of management changes. Apoorva Mehta, co-founder and former C.E.O., has become Chairman of the board. Carolyn Everson, former V.P. of Facebook and appointed President of Instacart in September 2021, left the company in December. Seth Dallaire, Chief Revenue Officer moved to Walmart.