(Bloomberg) -- Instacart is preparing to go public as its core grocery-delivery business is slowing and it pivots to a more behind the scenes role in technology and advertising.Most Read from BloombergSpaceX Blast Left Officials in Disbelief Over Environmental DamagePowell Signals Fed Will Raise Rates If Needed, Keep Them HighTesla Investors to Get $12,000 Each From Musk’s SEC DealNYC’s Most Exciting New Fine Dining Restaurant Is in a Subway StationAfter 15 Years, a New Private Jet Is America’s
While that’s a change from the company’s surge of customer orders during the coronavirus pandemic, it is not without benefits: the first of those being profitability.
Already this week, semiconductor designer Arm Holdings Ltd., majority owned by SoftBank Group Corp., had filed for what promises to be the year’s biggest IPO, which is expected in September. Marketing and data automation provider Klaviyo filed Friday for an IPO. Footwear maker Birkenstock is also gearing up for a listing this year, Bloomberg News has reported.
The company acknowledged that questions remain over its post-pandemic growth trajectory as it makes big bets beyond the core delivery service, as it also contends with competition. The company’s largest investors include Sequoia Capital and D1 Capital Partners, according to the filing. Other investors have included Tiger Global Management and Coatue Management, according to PitchBook.
A half-dozen acquisitions have contributed to Instacart’s growth. Its largest was the $350 million purchase in 2021 of Caper AI, which offers retailers “smart” shopping carts that eliminate the need for customers to individually scan groceries or to line up at checkout. “Instacart is entering the public markets at a time of cautious enthusiasm,” said Alex Frederick, an analyst at PitchBook. “Despite facing challenges in sustaining order volume since the pandemic peak, Instacart’s strategic moves, including the introduction of food-stamp payments and the Instacart+ membership program, have propelled its success.”
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