Instacart co-founder Apoorva Mehta is checking out with a $1.1 billion fortune following the grocery-delivery company’s initial public offering.
Mehta, 37, who stepped down as chief executive officer in August 2021, relinquished his board position as executive chairman as part of the IPO proceedings to current CEO Fidji Simo, a former Meta Platforms Inc. executive. The transition marks the end of Mehta’s 11-year tenure with the company he co-founded in 2012.
In the last decade, the startup has transformed from a Webvan clone to the largest grocery-delivery business in the US. Revenue grew 31% to about $1.5 billion in the six months ended June 30, powered in part by a pivot to a higher-margin advertising business.
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