Instacart files to go live on Nasdaq

First Arm and now Instacart has decided to go public – the grocery delivery company filed the paperwork to list on Nasdaq on Friday.

Instacart delivers in over 5,500 cities

Instacart will soon trade as “CART” on the stock exchange. Fidji Simo – its Chief Executive wrote in the prospectus today:

We believe the future of grocery won’t be about choosing between shopping online and in-store. Most of us will do both. So, we want to create a truly omni-channel experience.

The California-based company earned $114 million in its most recent quarter on $716 million in revenue – up 15%. Instacart delivers from over 40,000 stores in more than 5,500 cities at present.

It benefitted greatly from the COVID pandemic that restricted people to their homes and accelerated the shift to online shopping.

Instacart launched an AI tool in May

Note that venture-backed tech IPOs have been a rare breed since December of 2021. The grocery delivery company trimmed its valuation from $39 billion to $24 billion last year in March and was reported to have lost another half of it by late 2022.

Instacart sees notable names, including DoorDash, Walmart, Target, and even Amazon as competitors. Its prospectus on Friday also reads:

Our overall headcount peaked in the second quarter of 2022 and declined over the next two quarters, reducing our fixed operating cost base.

Instacart is committed to capitalising on the rising interest in AI as well. Earlier this year, it launched Ask Instacart – an artificial intelligence-powered tool that answers questions related to grocery shopping.