Instacart founder Apoorva Mehta has amassed a fortune of $1 billion.

Instacart Founder and CEO Apoorva Mehta, an Indian-Canadian, who is 33 years old, is now worth a billion dollars. Following the coronavirus outbreak, Mehta’s food delivery business has witnessed a surge in demand. He became a millionaire in 2020. His firm was valued at $39 billion in 2021.

About Instacart:

Customers may get groceries online using Instacart, a popular on-demand delivery service. Following that, shoppers pack and deliver orders to customers’ homes.

Mehta said in a press release announcing the new funding round. “This pandemic has fundamentally reshaped the way people think about grocery and ecommerce, and we’re proud to have Instacart continue to play an important role in people’s lives now and long after this crisis subsides.”

By connecting customers with personal shoppers, Instacart leverages a shared economy-based business model to provide hyper-local on-demand food delivery. Instacart is not a grocery store; rather, it is a marketplace where grocery businesses may sell their products.

Founder Story:

Mehta, who was born in India and reared in Canada, studied engineering at the University of Waterloo and worked for Qualcomm and Blackberry as a design engineer. As a supply chain engineer at Amazon, he assisted in the development of the ecommerce giant’s fulfilment system. Mehta, on the other hand, was eager for a fresh challenge after a few years. He resigned his job, relocated from Seattle to San Francisco, and began experimenting with business in 2010.

Mehta came up with approximately 20 product concepts over the next year, including a food groupon and a social network for attorneys, but none of them took off.

“The reason to start a company should never be to start a company. The reason to start a company should be to solve a problem that you truly, truly care about,” Mehta said at a Y Combinator talk in 2014. 

Because orders were frequently received without a shopper accessible in the early days, Mehta, who did not possess a car, made deliveries himself utilising Uber trips.

Mehta was deeply concerned about the inconvenience of food shopping. Grocery shopping has hardly altered in decades, despite the fact that most items could be purchased online by 2012. Mehta began developing the software that would eventually become Instacart.

Colossal success:

With partners including Albertsons, Publix, Kroger, and Sam’s Club, Instacart has grown from San Francisco to more than 5,500 cities and 30,000 retailers across North America. In 2019, it expanded pickup services, allowing customers to pick up pre-ordered, packed food from physical locations.

“Our goal is to build a world where everyone has access to the food they love and more time to enjoy it together,” says Instacart’s mission statement.

Since March, the company has employed 300,000 additional shoppers, with plans to hire another 250,000 in April to resume same-day and one-hour delivery.

“We have ambitious plans for the future and this new investment enables us to deepen our support for our shoppers and partners, further fund strategic initiatives such as our advertising and enterprise businesses, and continue to deliver exceptional experiences for customers.” Mehta said

Mehta stepped down as CEO in July 2021 and currently serves as executive chairman. Instacart’s new CEO is Fidji Simo, the former head of the Facebook app.

Instacart Future Objectives :

As part of its mission to help grocers dominate the digital food future, Instacart is making several significant changes to its business model. The organisation is spending in a number of new methods as part of its attempt to improve groceries e-commerce for its store partners.

Investing in e-commerce to assist shops achieve greater operational efficiency, improving customer service, and expanding its technology teams to better meet rising customer demand for food delivery and pickup are just a few of them.

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