is seeing more IPO activity this year. Fifty-two IPOs were held in the first half of this year, Renaissance Capital said. Renaissance said Instacart could raise up to $1 billion with its offering.
Founded in 2012, Instacart provides delivery from 85% of U.S. grocers. The company says it has 7.7 million active customers who spend about $317 per month on Instacart. In its IPO filing, Instacart said its orders grew 18% between 2021 and 2022 to 262.6 million. But that order pace has slowed this year. In the six months ending June 30, Instacart’s orders were up less than 1% to 132.9 million.
Instacart faces pressure from a number of competitors, especially as consumers look for ways to cut costs in a time of high food price inflation. In July, Instacart controlled 22% of U.S. online grocery sales, according to YipitData, a market research firm. That was down from 27% in the same month a year ago. Walmart controlled 62% of the market, up from 54% last year.Still, Instacart’s revenue was up 31% to $1.47 million in the first six months of this year.
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Fonte: NBCNewYork - 🏆 270. / 63 Leggi di più »