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Instacart files to go public on Nasdaq to try and unfreeze tech IPO market

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Following a 20-month drought in venture-backed tech IPOs, Instacart filed on Friday to go public on the Nasdaq.

Grocery delivery company Instacart said it plans to go public on the Nasdaq.Gig economy companies have struggled on the public market as profits have been elusive.

Instacart, the grocery delivery company that slashed its valuation during last year's market slide, filed itsInstacart will list its shares on the Nasdaq under the ticker symbol"CART." In its, the company said revenue in the latest quarter rose 15% to $716 million, and Instacart generated net income of $114 million.

"We believe the future of grocery won't be about choosing between shopping online and in-store," CEO Fidji Simo wrote in the prospectus."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."

 

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