Instacart, the California based grocery delivery company that allows the customers to order grocery items from more than 300 retailers has announced a $600 million fresh capital at a whopping valuation of $6.7 billion.
Viking Global Investors' former chief investment officer Daniel Sundheim's fund D1 Capital Partners led the investment round. Notably, the company had recently raked an investment of $200 million at a valuation of $4.2 billion.
Started in 2012, the firm allows the users to order groceries from various stores like Kroger, Costco, Walmart and Sam’s Club through their mobile app. Apoorva Mehta, Brandon Leonardo, and Max Mullen had founded the company in 2012 which now total has got more than $1.6 billion in the form of investment. Top players like Khosla Ventures, Sequoia Capital, Kleiner Perkins, Andreessen Horowitz, and others have backed the company.
The company plans to use the fresh capital to expand their operations all over North America. The fresh funding will be utilized for hiring in engineering and product teams as well. The firm is also working on their plans of opening their second research and development headquarters in Toronto. Recently there were reports which suggested that Instacart now has a presence in more than 70% U.S households. They had announced that by the end of the year, they are targeting to cover more than 80% of households in the country.
Now, as the fresh capital floats in, it will be a massive advantage for the firm as even bigger reach comes in the sight for the firm.
Image Courtesy : instacart