Instacart set to double grocery orders to over $3 billion: The Information
Grocery delivery startup Instacart is on track to surpass $3 billion in grocery orders this year, more than double its business from last year, news website The Information reported on Wednesday.
Instacart, which was founded in 2012 by a former Amazon employee, has been growing steadily in the last few years as it partnered with a number of major grocery retailers like Walmart Inc and discount chain Aldi Inc to provide same-day delivery services.
The company had hiccups when Whole Foods, its key partner, was acquired by Amazon.com Inc last year following which the online retailer began offering its own delivery services for the upscale grocery chain`s products.
The move by Amazon to enter the grocery space, however, spurred other retailers to beef up their online and delivery services through tie-ups with services like Instacart.
Instacart founder and Chief Executive Officer Apoorva Mehta said in September the company`s business had grown 135 percent over the last year.
The $3 billion figure represents the total value of groceries purchased on Instacart along with delivery, service and membership fees, the technology news website reported.
Instacart declined to comment on the report.
In April, the company said it had closed a $350 million financing round, bringing its valuation to $4.35 billion.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.