Founder Apoorva Mehta has a net worth $3.5 billion after new funding and is eyeing an IPO.
Instacart closed a $265 million funding round that sent the grocery delivery app’s value to $39 billion, the company announced today. The new valuation adds more than $1 billion to the fortune of 34-year-old founder Apoorva Mehta, who Forbes calculates has a net worth of $3.5 billion. Mehta became a billionaire last year after the company raised $225 million in June. Four months later he closed a $200 million Series H round that more than doubled Instacart’s valuation to $17.7 billion. It was valued at $7.9 billion in early 2020. Business has been booming for Instacart as consumer demand for delivery and pickup services continues to grow amid the pandemic: Online grocery purchases have jumped to 10% of the $1 trillion industry during the pandemic, more than triple what they were at the end of 2019.
