Instacart valued at $7.6 billion after latest funding round

(Reuters) - Grocery delivery startup Instacart on Tuesday said it has raised $600 million in its latest funding round, adding to its war chest as it competes against heavyweights like Amazon.con Inc and valuing the company at $7.6 billion.

Reuters October 17, 2018 00:05:26 IST
Instacart valued at $7.6 billion after latest funding round

Instacart valued at 76 billion after latest funding round

(Reuters) - Grocery delivery startup Instacart on Tuesday said it has raised $600 million in its latest funding round, adding to its war chest as it competes against heavyweights like Amazon.con Inc and valuing the company at $7.6 billion.

The San-Francisco-based company has been steadily growing in the last few years, helped by partnerships more than 300 retailers including Walmart, Aldi Inc and Kroger Co.

The latest funding was led by investment firm D1 Capital Partners, raising Instacart's funding till date to more than $1.6 billion. The company said it would use the capital to further expand in North America and also invest in marketing and hiring.

The company said it now has about $1.2 billion in cash to spend on expanding its business in North America.

Instacart has nearly 600 full-time employees across North America and plans to hire a total of about 500 new employees in its Toronto and Atlanta in the next few years.

The company also said it expects an initial public offering to be on the horizon but did not give specific timing.

The company is set to double grocery orders to over $3 billion in grocery orders this year, news website The Information reported earlier this month.

(Reporting by Soundarya J and Uday Sampath in Bengaluru; Editing by Shailesh Kuber)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Global equities break record as U.S. stocks waver after manufacturing data
Business

Global equities break record as U.S. stocks waver after manufacturing data

By Katanga Johnson WASHINGTON (Reuters) - Global equities set both an intraday high and record close on Tuesday as markets as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation while Wall Street's main indexes wavered before ending little changed. Graphic: Global asset performance http://tmsnrt.rs/2yaDPgn Energy shares were among the best performing during the session as the OPEC+ alliance agreed to hike output in July and gave a bullish forecast.

Zoom beats quarterly revenue estimates on steady demand
Business

Zoom beats quarterly revenue estimates on steady demand

(Reuters) - Zoom Video Communications Inc reported better-than-expected quarterly revenue on Tuesday, benefiting from steady demand for its video-conferencing platform as people wary of the pandemic continued school and work from home. Zoom became a household name during the pandemic as businesses and schools switched to its video conferencing platform for virtual classes, office meetings and social catch-ups.

Cyprus sees nationalists gain in parliament vote
World

Cyprus sees nationalists gain in parliament vote

By Michele Kambas NICOSIA (Reuters) -Cyprus's ruling conservatives emerged as winners but failed to get an absolute majority in a parliamentary election on Sunday, with voters turning to smaller parties, including a right-wing party with links to Greece's now outlawed Golden Dawn.