The supermarket delivery service Instacart, whose valuation was reduced during the market downturn last year, submitted its application to go public on Friday. This is expected to be the first large venture-backed tech IPO since December 2021.
The stock will be denoted by the ticker “CART” when it is listed on the Nasdaq. In its prospectus, the company reported net income of $114 million and revenue of $716 million, up 15% over the same quarter last year. According to the report, Instacart has now experienced five consecutive quarters of profitability. In a private placement, PepsiCo has committed to buy $175 million worth of company stock.
Instacart stated that it will continue to concentrate on integrating AI and ML capabilities into the platform and that it expects to “rely on AIML solutions to assist drive future growth in our business.” In May, Instacart announced that it was using the generative AI boom with Ask Instacart, a search engine designed to address customers’ queries about grocery shopping.
The prospectus’s CEO, Fidji Simo, stated, “We believe the future of grocery won’t be about selecting between shopping online and in-store.” “Most of us will engage in both. Therefore, our goal is to develop a truly omni-channel experience that combines the best of both worlds by bringing the finest of online shopping to physical stores and vice versa.