Instacart takes a big step towards a public offering

With the increase in Covid cases in 2020, the company has seen an increase in sales and revenues. But the acceleration slowed in the second quarter of 2021 as more people were vaccinated and returned to normal shopping habits.

Since, the company is looking for direction. He has tried to become more of a technology provider to food partners, with whom he has worked over the years, but they have reacted with ambivalence to new products.

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

Mr. Mehta has been involved in tense discussions with members of his board of directors, including talks he held with DoorDash and Uber about a potential Instacart acquisition last year, according to four people familiar with the situation. (New York Times CEO Meredith Kopit Levien joined Instacart’s board of directors in October 2021.)

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