Amritsar, NFAPost: In its latest round of funding, US-based grocery delivery startup Instacart has secured $200 million, taking its valuation to $17.7 billion.
The funding round was led by existing backers Valiant Peregrine Fund and D1 Capital. Earlier in June, Instacart had raised $225 million.
Since that round of financing, the company, which has been expanding to deliver non-grocery goods as well, has signed up majors like Walmart, beauty product retailer Sephora, and convenience store 7-Eleven in the US.
The startup said that its order volumes have surged as much as 500% on year during the pandemic in North America, as consumers remained hesitant to visit supermarkets and took more to ordering groceries, alcohol and prescription drugs for delivery at doorsteps.
The startup plans to utilise the new funds to develop new features on the app, better support retailers’ e-commerce needs and invest in Instacart Ads.
This funding comes as the startup has held discussions with banks about a long-awaited public offering, which is likely in the first half of next year, according to reports. The company, however, has declined to comment on this.
