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Instacart files paperwork to go public in Nasdaq IPO

Instacart will be the first new venture-backed IPO in years.

Donovan Erskine

August 25, 2023 12:00 PM

Instacart

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Instacart, the grocery delivery company, saw quite a boom during the worst days of the pandemic. As the company mulls over its current business strategy and its plans for the future, Instacart has made the decision to go public on the Nasdaq. Paperwork has already been filed, and Instacart is set to be the first venture-backed IPO since 2021.

Instacart’s filing to the SEC to become a publicly traded company was spotted by CNBC. The company will trade under the stock symbol CART. This decision comes after Instacart reported $716 million in revenue last quarter, a 15 percent increase. CEO Fidji Simo spoke about the future of grocery shopping and how it ties into Instacart’s long-term plans.

We believe the future of grocery won’t be about choosing between shopping online and in-store. Most of us are going to do both. So we want to create a truly omni-channel experience that brings the best of the online shopping experience to physical stores, and vice versa.

With the business of grocery changing so quickly, many retailers need a trusted partner to help them navigate this digital transformation so that they can drive success both online and in-store and serve their customers better — in all of the ways they choose to shop. It’s especially important because their competitors — from established tech platforms to new startup disruptors — are trying to lure customers away from traditional grocers. If the neighborhood grocer who has been serving their community for decades can’t find an edge, they may not be able to keep up.

This is a significant milestone not only for Instacart, but for tech IPOs in general. It’ll be the first venture-backed IPO in 2021, bringing a two-year drought to an end. It’s currently unclear how much money Instacart will raise before officially going public, or how much their stock will be valued on day one, but we’ll be watching closely for those details.

Donovan Erskine

News Editor

Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Scream nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_