Apoorva Mehta just became a billionaire after the IPO of famous grocery delivery company Instacart. He founded Instacart in 2012, and it’s magical how he created such a huge company with such a big impact.
Instacart has millions of users on the web and its mobile app, and it’s growing yearly. People like to order online, which is why the company’s revenue is growing. Last year, in August 2021, Apoorva decided to step back as the CEO and gave this opportunity to the ex-Mehta employee, Fiji Simo, who is currently the CEO. Since then, the company has been growing amazingly.
What is Apoorva Mehta’s net worth?
Apoorva has almost $1.3 billion, which is 10% ownership in Instacart. He has also invested his money in other startups and companies. His story is really amazing.
Apoorva Mehta’s journey:
He was born in India, then moved to Libya, and then to Canada. He completed his graduation in electrical engineering from the University of Waterloo. After that, he worked at Blackberry, Qualcomm, and later joined Amazon.
He left Amazon in 2010 and moved to San Francisco. Between 2010 and 2012, he launched more than 20 startups, but most of them failed. However, in 2012, he launched Instacart, which is now a huge success and one of the best tech companies to work for nowadays.
In terms of personal achievements, Apoorva was part of Forbes’ 30 under 30 list in 2013, and he was also included in the Times 100 Next list in 2021.
Instacart, originally incorporated as Maplebear INC, saw a significant increase in its share price on Monday, September 18th, 2023. The share price was around $30, resulting in a net evaluation of the company at $9.9 billion.
On Tuesday, when trading began on the New York Stock Exchange, the share price jumped more than 40%. As of yesterday, the stock price was approximately $40.02, giving the company a valuation of over $10 billion.
However, this current valuation is much lower compared to Instacart’s valuation in March 2021. At that time, venture capitalists valued the company at around $39 billion. It is worth noting that Apoorva, the founder of Instacart, was already a billionaire at that time, although it was not officially confirmed.
Now, with the company going public and people trading in the stock, it is official that Apoorva is now a billionaire. With his newfound wealth, he can enjoy and have fun with his money.
That’s it about this Instacart IPO news. See you in the next news. Thanks.