Confidence in the gig economy combined with the success of advertising will help decide the grocery-delivery company's future as it goes public.
Online grocery delivery company, Instacart, will soon get a spot in retail brokerage accounts. It’s a test for investors’ appetite for gig companies.
What investors in the public market will pay for Instacart depends partly on their faith in the future of the so-called gig economy’s expansion and profitability. The company, which uses contractors to deliver groceries to homes, is asking between $3.64 to $3.9 per dollar’s worth of sales based on stock’s pricing and 2022 revenue.
Instacart, founded in 2012, had revenue of $2.55 billion last year, up 39% from a year ago. Fees paid by retailers and customers, including for its premium membership program Instacart+ made up close to three-quarters of the revenue. The rest came from Instacart Ads, a relatively new but vital offering developed under CEO Fidji Simo, a former Meta Platforms executive appointed in 2021.
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