Instacart, a food delivery company, said on Wednesday that it would test the water for public feeding, despite the recent tremors for technology equipment and the company. Wisdom has been a crisis for the past year.
The company said it has filed a lawsuit against so-called confidential information, which means it has not yet disclosed some information about the company. Data doesn’t want Instacart to follow suit with a public launch, but it counts as a big step for one.
If Instacart went public, it would do so at a dangerous time. Wall Street, spooked by rising inflation and the war in Ukraine, has cooled for tech stocks in recent months, and the number of IPOs fell 80 percent of a year before May 4, according to Renaissance Capital.
Instacart, which matches home consumers with customers who store groceries in the store and deliver them, has solved its problems. In March, the company reduced its investment to $ 24 billion from $ 40 billion, a rare move to start-ups. Some employees complain that the change has cut pay.
As Covid patients increased by 2020, the company saw its sales and revenue increase. But the pace slowed in the second quarter of 2021 as more people were vaccinated and returned to their traditional products.
Since then, the company has sought guidance. He has tried to become a multi-tech technology provider for grocery stores that he has worked with for many years, but they have forgotten to trust the new products.
Instacart founder and CEO, Apoorva Mehta, has been replaced by a former Facebook executive, although he remains on the board. Other leaders also stepped down, including the two presidents.
Mr. Mehta has been in close discussions with members of its board of directors, including previous discussions it held with DoorDash and Uber about its potential to acquire Instacart last year, according to four the person familiar with the situation. (New York Times Director, Meredith Kopit Levien, joins Instacart Board in October 2021.)
Instacart was established in 2012 by Mr. Mehta, along with Max Mullen and Brandon Leonardo. Its business leaders include Andreessen Horowitz, Sequoia Capital and D1 Capital Partners.
The move to lead public companies will be the next step in a new vision for Instacart designed by Fidji Simo, a CEO who stepped down last summer for Mr. Mehta. Instacart is currently working with Goldman Sachs and JP Morgan on the offer, according to sources familiar with the matter.
In a blog post on Wednesday commemorating Instacart’s 10-year anniversary, Ms. Simo did not speak directly to the company to the public, but said that Instacart is developing technology for the next 10 years of its product line.
He wrote that “the way we have to walk on new challenges and market disputes,” he wrote. “But we have a vision worth pursuing.”