Breaking 2020|Instacart Founder, Apoorva Mehta; New Addition In Billionaire Club Declared By Forbes
After the outbreak of coronavirus, many companies are getting severely affected and facing severe financial losses, on the other hand, some are emerging stronger than ever. Instacart founder Indian-origin entrepreneur Apoorva Mehta’s is one such venture that has seen unexpected and shocked growth during the lockdown and made its founder a billionaire.
Thirty-three-year-old Apoorva Mehta is an Indian-born American entrepreneur. Apoorva was born in India and he permanently shifted to America with his family.
In 2008, Apoorva Mehta gained a degree in electrical engineering from the ‘University of Waterloo.’ He did his first job as a design engineer with ‘Blackberry’ and then with ‘Qualcomm.’ He also utilized his opportunity at a steel factory for a brief period. He then switched to Seattle, where he joined ‘Amazon’ and worked as a supply chain engineer.
Success didn’t come easy for Apoorva Mehta. But after doing a job in Amazon for a couple of years. In 2010 he quit his job and start looking for a new challenge, moved from Seattle to San Francisco, and started trying his fortune at entrepreneurship.
In the next 12 months, Apoorva Mehta hands up with ideas for around 20 products, which included group for food and a social network for lawyers but neither of it clicked. He didn’t give up, then he came with an idea of online shopping and he launched an online grocery shopping app “Instacart”. And now he is a founder and CEO of a company that is working 5,500 cities with 30,000.
Instacart is an American company that employment on grocery delivery and pick-up service within us and Canada and have a headquarters in San Francisco which was established in 2012.
The company offers service to its users via a website and mobile app in more than 5,500 cities in all over U.S. states and Canadian provinces in collaboration with over 350 retailers with more than 30,000 grocery stores including these brand retails Albertsons, Aldi, Big Lots, C&S Wholesale Grocers, Costco, CVS Health, Eataly, Price Chopper, H-E-B, Kroger, Loblaw Companies, Petco, Publix, Safeway Inc., Sam’s Club, Sprouts Farmers Market, Staples U.S., Target Corporation, Total Wine & More, and Wegmans.
Orders are received and delivered by an Instacart personal shopper, which involves picking, packing, and delivering the order within the customer’s decides time frame that involves within one-hour delivery or up to five days’ advance delivery. Customers can pay with personal debit or credit cards, Google Pay, and Apple Pay but hand cash is not allowed.
Startup and Journey of Instacart
As usual, success didn’t come easy for Apoorva Mehta. According to the LA Times, in the two years after resigning Amazon and starting Instacart, Mehta deal with 20 start-up ideas, all of which failed to produce.
After the failure of all these ideas than he thought of doing something to solve his daily problems, one of which was grocery shopping for him. As he didn’t own any car at that time, it was difficult for him to buy groceries because there were not any grocery shops located in his neighborhood. Mehta quoted at a Y Combinator talk in 2014
“The reason to start a company should never be to start a company. The reason to start a corporation should be to unravel a drag that you simply truly, truly care about.
The difficulty of grocery shopping was a problem that Mehta truly cared about. Though most products could not be purchased online by 2012, grocery shopping hadn’t changed in decades. Mehta started working on an app that became Instacart. “I promised myself that I would not go to the grocery store until the product was ready,” Mehta said this too at the Y Combinator talk.
He was Instacart’s first customer and shopper, ordering groceries on the app and then picking up and delivering goods to himself. He got an investment from Y Combinator in 2012, after he upgraded the app to send a six-pack of beer to his partner.
At that time, he did not own any car, so he made the deliveries using Uber rides. He added pickup services in 2019, allowing shoppers to drop by brick and mortar stores and pick up pre-ordered, packed groceries. The company also launched a prescription delivery service in April, which delivers medications from nearly 200 Costco pharmacies, and also plans to expand the service to all 500 Costco locations. Forbes’ 30 Under 30 list a year later.
Forbes is a famous American business magazine. The New edition is out twice every week. This magazine writes original articles on topics such as finance, industry, investing, and marketing. Forbes also opens pen on subjects of technology, communications, science, politics, and law. The location of its headquarters is found in New Jersey. Forbes has international editions in continents Asia and Europe. It is also on air on its online website worldwide.
Apoorva Mehta is a New Addition in Billionaire Club Sentenced by Forbes:
Apoorva Mehta, Instacart ‘s founder, and CEO is now a billionaire declared by Forbes in his recent edition. Instacart, who started his journey of grocery delivery in 2012, demand this company reach his highness in the wake of the pandemic.
Instacart’s latest funding round had raised $225 million, helped to shoot the company’s evaluation to $13.7 billion from previous value $7.9 billion, as estimated by Forbes. This addition added to Apoorva Mehta’s net worth, who owns a 10 percent share in the company, raising it to a $1.2 billion worth and making him the new member of the billionaires’ club.
The firm has hired 300,000 new shoppers in March and announced a plan in April to hire 250,000 more candidates to get back to offering one-hour and same-day deliveries. “We have ambitious plans for the longer term and this new investment enables us to deepen our support for our shoppers and partners, further funds strategic initiatives like our advertising and enterprise businesses, and still deliver exceptional experiences for patrons,” Mehta said during a handout announcing the new funding round. “This pandemic has fundamentally reshaped the way people believe grocery and e-commerce, and we’re proud to possess Instacart still play a crucial role in people’s lives now and long after this crisis subsides.”