Instacart Files to Go Public on Nasdaq to Try and Unfreeze Tech IPO Market
August 28, 2023 | 1 min to read
Instacart, the grocery delivery service, recently filed for an IPO, marking a significant moment for venture-backed tech companies since December 2021. The stock will trade on Nasdaq with the ticker “CART.” In its prospectus, Instacart reported a net income of $114 million and a revenue increase of 15% to $716 million. The company has achieved profitability for five consecutive quarters and plans to enhance its platform with artificial intelligence and machine learning. Notably, PepsiCo is set to invest $175 million in a private placement.
Instacart, the grocery delivery company that slashed its valuation during last year’s market slide, filed its paperwork to go public on Friday in what’s poised to be the first significant venture-backed tech IPO since December 2021.
The stock will be listed on the Nasdaq under the ticker symbol “CART.” In its prospectus, the company said net income totaled $114 million, while revenue in the latest quarter hit $716 million, a 15% increase from the year-ago period. Instacart has now been profitable for five straight quarters, according to the filing. PepsiCo has agreed to purchase $175 million of the company’s stock in a private placement.
Instacart said it will continue to focus on incorporating artificial intelligence and machine learning features into the platform, and that the company expects to “rely on AIML solutions to help drive future growth in our business.” In May, Instacart said it was leaning into the generative AI boom with Ask Instacart, a search tool that aims to answer customers’ grocery shopping questions.
To read the rest of the story, please go to: CNBC