The grocery-delivery app Instacart on Friday filed its papers for an initial public offering.
An earlier version of this article misstated Instacart’s revenue figure for the first six months of 2023. It has been corrected.
The debut for the company would arrive as markets rebound and as the IPO market thaws after last year’s freeze. But while Instacart has rapidly grown revenue and finished the first half of this year with a profit, it faces competition from the likes of DoorDash Inc. DASH, +1.70%, and it depends on a handful of large customers for business as the gig and grocery industries consolidate.
“This shift is being driven, in large part, by consumer expectations growing more diverse and complex,” Simo continued. “We might be able to wait a couple of hours for our weekly shop but need popcorn in 30 minutes for an impromptu family movie night. Sometimes we want to buy groceries on our phones and sometimes in the store. We want grocers to understand our tastes and preferences and offer us a seamless, personalized experience everywhere.
During the first six months of this year, Instacart had $1.475 billion in sales, a 30.9% gain over the first half of last year. As of June 30, Instacart had an accumulated deficit of $735 million.
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