An interview with Instacart founder and former CEO Apoorva Mehta on Instacart's beginnings, his board exit, his reluctance to take the company public, and more
and today he cut all ties with the company Reuters : Instacart set to be valued at nearly $13 bln in Wall Street debut Ari Levy / CNBC : Instacart closed up 12.33% in its Nasdaq debut, valuing the grocery delivery company at just over $11B; Instacart was valued at $39B in March 2021 X: Apoorva Mehta / @apoorva_mehta : While this is an important milestone, the work @instacart is only just beginning. I can't wait to see how the team continues to transform the grocery industry. Onward! Sar Haribhakti / @sarthakgh : “A lot of people have said that perhaps I was pushed out of the company. The reality is, if I wanted to be the CEO of Instacart, I would be the CEO of Instacart.” https://www.forbes.com/... Apoorva Mehta / @apoorva_mehta : My empty refrigerator was an ongoing problem - and a source of inspiration. It was 2012 and I could shop for everything online except groceries. That was a lightbulb moment for me, and I got started coding the first version of the Instacart App. @harjtaggar : Instacart (YC S12) was a contrarian idea to work on in 2012. The zenith of “Uber for X” ideas had passed and the consensus was only yuppies would pay premium for grocery delivery. It took a special founder to work on it, congrats @apoorva_mehta! https://www.forbes.com/... Apoorva Mehta / @apoorva_mehta : Finally, none of this would have been possible had my parents not made countless sacrifices as we immigrated from India to Libya and then to Canada - all so that one day my brother and I might have a chance to pursue our dreams. Dave Clark / @davehclark : Congrats @apoorva_mehta @fidjissimo and the whole Instacart team...as an observer from afar for a long time it's super impressive what you built. Many won't ever appreciate the complexity you had to overcome in grocery they will just enjoy the magic which is what makes it great!... Alistair Barr / @alistairmbarr : There's some revisionist history going on today with Instacart and the company's former CEO Apoorva Mehta. This is worth a read: https://www.businessinsider.com/ ... via @businessinsider Dave Clark / @davehclark : Congrats @apoorva_mehta and the whole Instacart team...as an observer from afar for a long time it's super impressive what you built. Many won't ever appreciate the complexity you had to overcome in grocery they will just enjoy the magic which is what makes it great! But from an... Bill Gurley / @bgurley : When I see examples of “peer respect” I literally get goosebumps. Nothing signals excellence as much as someone that clearly knows what that means in a given field taking the time to appreciate another. Super-kind. As another example, check this out - https://faroutmagazine.co.uk/ ... Jon Erlichman / @jonerlichman : Apoorvah Mehta graduated from the University of Waterloo 15 years ago. He worked for BlackBerry and Qualcomm. Then Amazon. But he wanted to build a business. Over 2 years, he worked on 20 ideas. Nothing stuck. Then, he started Instacart. At 33, he became a billionaire. [image] Cory Weinberg / @coryweinberg : It's been: 🗓️ 4,100 days since Apoorva Mehta founded Instacart 🗓️ 1,287 days since the pandemic started 🗓️810 days since it tried to sell to DoorDash 🗓️496 days since it confidentially filed for an IPO But, at long last, our national nightmare is over: Instacart is public. [image] Apoorva Mehta / @apoorva_mehta : Today, the company I founded in my kitchen is now publicly traded ($CART)! I'm immensely grateful to the team that built @instacart. I also want to thank the hard-working community of shoppers, our incredible customers, our retail and CPG partners and our CEO @fidjissimo Apoorva Mehta / @apoorva_mehta : More than a decade ago, I was sitting in my apartment in San Francisco bemoaning the fact that the only thing I had in my refrigerator was hot sauce. Don't get me wrong, I love hot sauce, but you can't exactly make it a meal. @garrytan : I'm so proud of @apoorva_mehta @max and new CEO @fidjissimo and YC and Initialized were both incredibly lucky to be a part of this incredible 11 year overnight success. Congratulations to the team for making something people truly want.
“A lot of people have said that perhaps I was pushed out of the company. The reality is, if I wanted to be the CEO of Instacart, I would be the CEO of Instacart.” https://www.forbes.com/...
Instacart (YC S12) was a contrarian idea to work on in 2012. The zenith of “Uber for X” ideas had passed and the consensus was only yuppies would pay premium for grocery delivery. It took a special founder to work on it, congrats @apoorva_mehta! https://www.forbes.com/...
There's some revisionist history going on today with Instacart and the company's former CEO Apoorva Mehta. This is worth a read: https://www.businessinsider.com/ ... via @businessinsider
Today, the company I founded in my kitchen is now publicly traded ($CART)! I'm immensely grateful to the team that built @instacart. I also want to thank the hard-working community of shoppers, our incredible customers, our retail and CPG partners and our CEO @fidjissimo
It's been: 🗓️ 4,100 days since Apoorva Mehta founded Instacart 🗓️ 1,287 days since the pandemic started 🗓️810 days since it tried to sell to DoorDash 🗓️496 days since it confidentially filed for an IPO But, at long last, our national nightmare is over: Instacart is public. [image…
While this is an important milestone, the work @instacart is only just beginning. I can't wait to see how the team continues to transform the grocery industry. Onward!
Is risk capital finally coming off the sidelines? ARM popped on its IPO last week, and Instacart opened at $42 (offer price of $30) today. My Instacart valuation came out just as the stock got listed, putting the value at about $29/share.https://aswathdamodaran.blogs pot.com/ ...
Apoorvah Mehta graduated from the University of Waterloo 15 years ago. He worked for BlackBerry and Qualcomm. Then Amazon. But he wanted to build a business. Over 2 years, he worked on 20 ideas. Nothing stuck. Then, he started Instacart. At 33, he became a billionaire. [image]
When I see examples of “peer respect” I literally get goosebumps. Nothing signals excellence as much as someone that clearly knows what that means in a given field taking the time to appreciate another. Super-kind. As another example, check this out - https://faroutmagazine.co.uk…
Some fun @Instacart context on their IPO day (Congrats to the whole team!) @apoorva_mehta and I shared an office back in 2012. (@somacentral where Instagram, Twilio, AngelList, GetAround, and several other now-famous companies were at 153 Townsend). 1/n
On April 9th 2014, I co-drafted Bessemer's anti-portfolio submission for @Instacart. That was prescient and stupid! Congrats to the entire Instacart team! [image]
In 2012 this was what I wrote to the partners when I got that six pack of beer from Instacart— This is a glimpse at what the YC partners do behind the scenes. We are literally just trying to figure out if you are good at building things people want! That's it. [image]
Finally, none of this would have been possible had my parents not made countless sacrifices as we immigrated from India to Libya and then to Canada - all so that one day my brother and I might have a chance to pursue our dreams.
👋 We're in stock. $CART is now listed on the @NasdaqExchange. We're excited for what's next and - most importantly - to bring more food and joy to your $CART! Learn more about our public debut here: https://instacart.com/... [image]
Congrats @apoorva_mehta, @max, and @shiftb on the @Instacart IPO! What started in 2012 with a beer delivery to @garrytan has transformed how we all shop today. [image]
My empty refrigerator was an ongoing problem - and a source of inspiration. It was 2012 and I could shop for everything online except groceries. That was a lightbulb moment for me, and I got started coding the first version of the Instacart App.
More than a decade ago, I was sitting in my apartment in San Francisco bemoaning the fact that the only thing I had in my refrigerator was hot sauce. Don't get me wrong, I love hot sauce, but you can't exactly make it a meal.
Instacart was listed today, and the stock price jumped to $42 on the listing. Before you classify this as a VC win, here is list of all of the VC rounds in Instacart. Every VC investment since 2015 has lagged the S&P 500. https://aswathdamodaran.blogspot.com/ ... [image]
“When Instacart starts trading on the Nasdaq on Tuesday, investors won't be betting on a grocery-delivery company. They'll be betting on a data and advertising business.” https://www.bloomberg.com/...
Late-stage investing can be amazing, quick money.... or you can get your ass handed to you as we see here in the later stages of the Instacart IPO $cart Congrats to founders and early investors: @ycombinator, @vkhosla (GOAT!), Sequoia and @pmarca! [image]
Congrats @apoorva_mehta @fidjissimo and the whole Instacart team...as an observer from afar for a long time it's super impressive what you built. Many won't ever appreciate the complexity you had to overcome in grocery they will just enjoy the magic which is what makes it great!.…
Congrats @apoorva_mehta and the whole Instacart team...as an observer from afar for a long time it's super impressive what you built. Many won't ever appreciate the complexity you had to overcome in grocery they will just enjoy the magic which is what makes it great! But from an.…
Instacart is an amazing startup story of defying all the odds. Retail and grocery delivery on-demand has failed countless times since the beginning of the web. Instacart pulled it off with a ton of ingenuity on product strategy, masterful operational execution, and pure grit.
Price per share investors paid for Instacart (IPO $30, trading at $39) A: $0.24, @sequoia/@moritzKBE B: $2.91, @a16z/@jeff_jordan C: $13.31, @kleinerperkins/@MMeekerW (Series G thru I priced between $48 to $125 per share and included large follow-ons from Seq/A16Z).
In 2012, Instacart founder Apoorva Mehta hacked his way into YC by sending me a six pack of beer. It was a cold and refreshing pack of 21st Amendment's Back in Black. The hack wasn't the thing that mattered— what did? Apoorva had already built something amazing. [image]
I'm so proud of @apoorva_mehta @max and new CEO @fidjissimo and YC and Initialized were both incredibly lucky to be a part of this incredible 11 year overnight success. Congratulations to the team for making something people truly want.
Congratulations to everyone involved in the Instacart IPO. I'm a happy customer, respect the product (they tell you when you're getting in-store pricing!) and the operators that help keep it afloat during the toughest of markets. A decade-long effort, enjoy the win today.
Huge congrats @apoorva_mehta, @max, @fidjissimo, and the rest of the team. What an incredible ride, and incredible work transforming commerce forever! [image]
Congrats! Our 11 yo was a newborn in 2012 and if you asked me back then what YC startup I couldn't live without, it was InstaCart! Make something people want.
Congratulations to @apoorva_mehta, @fidjissimo and the entire @Instacart team on becoming a public company! We @a16z have been privileged to be along for the ride. Reflections from our initial investment back in 2014: https://a16z.com/...
None of this would have been possible without the early days determination and grit of our founders - @apoorva_mehta, @Max and @shiftb. Thank you for the creative spark that founded Instacart and for entrusting me to lead the company's next chapter.
So excited to be taking Instacart public today! The last two years have been a wild ride, but I'm really proud of the business this team has built, turning us into an enduring and profitable company that delivers a critical service to millions of people. [image]
Congrats to everybody involved @Instacart - happy to be in the IPO. Hope IPO clears way for other 1000 unicorns to find their market clearing price. “Down-round IPO” is silly phrase. Price of entry matters. Multiples at 10 yr averages- price today is the New Normal. Time to IPO. …