# Instacart

NASDAQ: CART

Instacart is an on-demand grocery delivery platform that connects customers with personal shoppers.

## Revenue

### $3.63B  
2025

### Valuation

### $12.00B  
2022

### Funding

### $2.52B  
2022

### Growth Rate (y/y)

### 27%  
2023

### Details

**Headquarters**  
San Francisco, United States

**CEO**  
Fidji Simo

**Website**  
[instacart.com](https://www.instacart.com/)

### Milestones

**FOUNDING YEAR**  
2012

**IPO**  
September 2023

## Overview

### Revenue
[Instacart](/content/c/instacart/index.html) generated $3.742B in revenue for the full year 2025, up from $3.37B in 2024.

The company posted $992M in Q4 2025 revenue, capping a year in which all four quarters showed sustained double-digit growth. For the first nine months of 2025, revenue reached $2.75B (up 10.2% YoY), with Q3 2025 revenue of $939M (up 10.2% YoY). For the full year 2025, advertising and other revenue reached $1.065B (up 11% YoY from $958M), crossing the $1B threshold for the first time.

The company's revenue mix has evolved significantly since its founding in 2012, operating as a grocery delivery marketplace initially. By 2021, advertising partnerships generated approximately $550M (30% of top-line revenue) at 80% margins, while marketplace take rates contributed the remaining 70% at lower margins.

[Instacart](/content/c/instacart/index.html) has established itself as the leading third-party grocery delivery platform with 29% market share, behind only Walmart (38%) but ahead of Amazon (20%).

## Valuation

Instacart is valued at $9.3B as of 2023, following its IPO. The company has raised $2.9B in total funding across 19 rounds. Key investors include Sequoia Capital and Manhattan Venture Partners.

### Valuation & Funding History

| Date | Event | Valuation | Amount | Status |
| --- | --- | --- | --- | --- |
| Sep 2023 | Growth | $9.9B | $660.0M | Closed |
| Mar 2021 | Series I | — | — | Closed |
| Oct 2020 | Series H | — | — | Closed |
| Jul 2020 | Series G | — | — | Closed |
| Jun 2020 | Series G | — | — | Closed |
| Nov 2018 | Series F | — | — | Closed |
| Oct 2018 | Series F | — | — | Closed |
| Apr 2018 | Series E | — | — | Closed |
| Feb 2018 | Series E | — | — | Closed |
| Mar 2017 | Series D | — | — | Closed |
| Jan 2015 | Series C | — | — | Closed |
| Jun 2014 | Series B | — | — | Announced |
| Jul 2013 | Series A | — | — | Closed |
| Oct 2012 | Seed | — | — | Closed |

## Product

[Instacart](/content/c/instacart/index.html) was founded in 2012 as a mobile app connecting customers with personal shoppers for grocery pickup and delivery. The core product allows customers to browse local grocery inventory, create shopping lists, and schedule delivery. Personal shoppers use the app to fulfill orders from supermarkets.

## Business Model

[Instacart](/content/c/instacart/index.html) operates a four-sided marketplace connecting consumers, retailers, gig workers, and advertisers. Revenue streams include delivery fees, service fees, and increasing advertising partnerships with CPG brands. The model emphasizes partnerships with grocery stores rather than building infrastructure, facilitating rapid growth.

## Competition

Instacart competes with traditional retailers like Walmart and Amazon and on-demand delivery platforms like DoorDash and Uber Eats, which have each captured roughly 5% market share in grocery delivery.

## Risks

**Regulatory scrutiny:** The FTC has imposed penalties related to Instacart’s pricing practices, highlighting potential risks in fee structures.

**Retailer competition:** As retail partners enhance their delivery capabilities, there is a risk of disintermediation from Instacart’s marketplace.

**Delivery competition:** Quick commerce platforms like Uber and DoorDash may undercut Instacart’s economics.

## News

### Instacart Launches AI-Powered Smart Trolleys
This launch enhances the shopping experience, integrating real-time tracking and product recommendations.

### Partnership with Tractor Supply
Instacart partners with Tractor Supply for same-day delivery from 2,400 Stores.

### Acquisition of Arpalus
This acquisition enhances inventory accuracy and strengthens Instacart's physical AI strategy.