Instacart co-founder Apoorva Mehta (37) nets $1.1 billion post-IPO exit
Apoorva Mehta (37), co-founder of Instacart, has earned a whopping $1.1 billion after the company launched its initial public offering (IPO). Despite stepping down as the CEO in August 2021, Mehta still holds the largest stake in the company. Let's delve into Mehta's journey from humble beginnings in India to founding one of the most successful grocery delivery platforms in the United States.
Early life and career
Born in India in 1986, Mehta moved to Libya before settling in Hamilton, Ontario, Canada, at age 14. He earned an electrical engineering degree from the University of Waterloo and worked as a design engineer at BlackBerry and Qualcomm before joining Amazon in 2008 as a supply chain engineer. However, he eventually left Amazon and moved to San Francisco in 2010. There, he ventured into entrepreneurship, attempting to launch some 20 start-ups, but the majority of them failed.
Birth of Instacart
In 2012, Mehta founded Instacart, a grocery delivery service that would revolutionize the way people shop for essentials. Interestingly, during its early days, Mehta, who did not own a car, personally made deliveries using the Uber platform. Over the years, Instacart expanded exponentially, boasting over 600,000 shoppers. The company's journey was marked by significant fundraising success, with investments from prominent names like Sequoia Capital, Andreessen Horowitz, and PepsiCo.
Becoming a billionaire
At the age of 33, in 2020, Mehta became a billionaire, owning a 10% stake in Instacart. The company's value peaked at $39 billion in March 2021 amid the pandemic. However, as inflation went up, the company's value dropped, and by October last year, it was worth around $13 billion. Notably, in 2013, he was featured on Forbes's "30 under 30" list, and in 2021, he earned a spot on the Time 100 Next list.
What he is up to currently
Now, Mehta is turning his focus to Cloud Health Systems, a health-tech start-up he recently founded. Cloud Health Systems aims to combat obesity through its innovative service called "Sunrise." The company has attracted $42 million in funding from investors, including Thrive Capital, Andreessen Horowitz, and General Catalyst. It reached a valuation of $200 million in a November 2022 financing round.
