FALMOUTH, MA-April 8: Instacart shopper Loralyn Geggatt delivers deliveries to customers’ homes during the COVID-19 pandemic in Falmouth, Massachusetts on April 7, 2020. Some Amazon, Instacart and other workers protested higher wages, critically ill wages and sick leave time. (Photo by David L. Ryan/The Boston Globe via Getty Images)
People familiar with the matter said on Thursday that Instacart has selected Goldman Sachs Group to lead its initial public offering (IPO), which may be conducted early next year. The US grocery delivery application is valued at approximately 30 billion. Dollars.
Last month, Instacart was valued at $1
The San Francisco-based company is speeding up its IPO plan after California voters supported last week’s voting proposal that maintained the status of an application-based delivery driver as an independent contractor. This is a driving force for companies like Instacart and Uber Technologies, which rely on people to work independently rather than as employees.
The source requested anonymity because the preparations for the IPO are confidential. Instacart and Goldman Sachs declined to comment.
Instacart has been expanding its delivery business to non-grocery products, serving customers in major stores such as Wal-Mart, beauty product retailer Sephora and convenience store 7-11.
Launched in 2012, Instacart was led by its co-founder Apoorva Mehta, and due to online shopping during the coronavirus outbreak, orders surged by 500% this year.
According to data from PitchBook, Instacart’s investors include venture capital firm Sequoia Capital, Anderson Horowitz and D1 Capital Partners.
Several Silicon Valley unicorns are preparing to land on the stock market for the first time in the next few weeks, including home rental startup Airbnb, online retailer Wish and food delivery service DoorDash.
Look: Instacart partners with Walmart to provide same-day delivery