Instacart Takes Big Steps To Public Edition

Instacart, a vegetable supply company, said Wednesday that it will test the water for the public version, despite the recent tremors in the company’s technology stocks and turmoil in the past year.

The company said it had submitted a paper to the so-called confidentiality, which means it is still not necessary to disclose certain data about the company. Submission does not require Instacart to follow an earlier public version, but is considered a major step towards a single version.

If Instacart goes public, it will be doing so at a dangerous time. Wall Street, which has been hit by inflation and war in Ukraine, has been good for technology stocks in recent months, with the number of IPOs declining 80 percent from the previous year to May 4, according to Renaissance Capital.

Instacart, which compares home customers with buyers who select vegetarian products in stores and then submit, has addressed its own problems. In March, the company reduced its inventory to $ 24 billion from $ 40 billion, a rare step in personal startups. Some workers complained that the change was leading to a reduction in wages.

As Covid cases rose in 2020, the company saw sales and revenue increase. But that momentum dropped in the second quarter of 2021 as more people were vaccinated and returned to their normal shopping habits.

Since then, the company has been looking for direction. It has tried to be a more technological provider for vegetable partners that it has worked with for many years, but they have responded to misunderstandings of new products.

Instacart founder and chief executive, Apoorva Mehta, was replaced by a former Facebook executive, although he remained chairman of the board. Other senior officials have also left, including two presidents.

Bw. Mehta had been involved in tense discussions with members of his board of directors, including talks he had with DoorDash and Uber about the possible acquisition of Instacart last year, according to four people familiar with the situation. (The executive director of The New York Times, Meredith Kopit Levien, joined the board of directors of Instacart in October 2021.)

Instacart was founded in 2012 by Mr. Mehta, along with Max Mullen and Brandon Leonardo. Its main investors include Andreessen Horowitz, Sequoia Capital and D1 Capital Partners.

The move to take the company to the public will be the next step in Instacart’s new vision set by Fidji Simo, the chief executive who came in last summer to Mr. Mehta. Instacart is working with Goldman Sachs and JP Morgan on the version, according to someone who is aware of the situation.

In a blog published Wednesday to celebrate Instacart’s 10th anniversary, Ms. Simo did not address the company directly to the public, but said Instacart was developing technology for the next 10 years of its vegetable business.

“Along the way we will have to face new challenges and a volatile public market,” he wrote. “But we have a vision to follow.”

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