Apoorva Mehta, a newly-minted billionaire worth a staggering $1.1 billion

Apoorva Mehta, the founder and former CEO of Instacart, is checking out with a $1.1 billion fortune following his delivery company’s IPO. Apoorva, who stepped down as CEO in August 2021, relinquished his board position as executive chairman to current CEO Fidji Simo. The transition marks the end of Apoorva’s 11-year tenure with the company he co-founded in 2012.

Instacart priced its IPO at $30 a share, giving it a $9.9 billion valuation. Apoorva Mehta’s $1.1 billion fortune includes his 10 percent ownership of Instacart, as well as a stake in his new company, Cloud Health Systems, which aims to address obesity through a service it recently launched, known as Sunrise.

Mr Mehta sold stock worth $21 million in the offering but will remain Instacart’s largest individual shareholder. Sequoia Capital and D1 Capital Partners own larger stakes, 14 percent, and 13 percent, respectively.

Instacart currently offers its services through a website and mobile app that allows customers to order groceries from retailers with the shopping being done by a shopper.

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