The shares of Instacart closed at 12% higher in Nasdaq debut on September 19.
Apoorva Mehta, the 37-year-old who started American grocery delivery startup Instacart from his kitchen 11 years ago, made an over Rs 9,100 crore exit after Instacart's initial public offering (IPO) recently.
Apoorva Mehta's parents immigrated from India to Libya and then to Canada. In 2010, Mehta was living in Seattle and working as a supply-chain engineer at Amazon. He left his job and relocated to San Francisco. Recently, Mehta shared how he came up with the idea of starting Instacart.
Taking to X, Apoorva Mehta wrote, "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." He added, "Don't get me wrong, I love hot sauce, but you can't exactly make it a meal."
"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," he further said.
Instacart was founded in 2012 and since then the startup has transformed from a Webvan clone to the largest grocery-delivery business in the US Revenue. It has over 7.7 million consumers and a network of more than 80,000 retailers in the US.
The company was at its peak in March 2021 after the boost due to the COVID-19 pandemic. The firm was then valued by venture capitalists at $39 billion.
Mehta stepped down as chief executive officer in August 2021 and relinquished his board position as executive chairman as part of the IPO proceedings to current CEO Fidji Simo. This transition marks the end of Mehta’s 11-year tenure with Instacart.
The shares of Instacart closed at 12% higher in Nasdaq debut on September 19.
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 "Meet Instacart founder apoorva mehta who walked away with Rs 9,100 crore by exiting startup post IPO")
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