Leadership Changes for Instacart after its Public Market Debut

Following its recent public market debut, Instacart has restructured its Board of Directors, including the planned departure of its co-founder and former CEO, Apoorva Mehta.

Instacart’s announcement stated that Ravi Gupta, a seasoned technology executive with over two decades of experience in business operations and finance, would join the board. Gupta’s background includes a decade at global investment firm KKR and prior work as a business analyst at McKinsey & Company. He served as Instacart’s CFO from 2015 to 2019 and held the position of Chief Operating Officer from 2016 to 2019. Afterward, he joined Sequoia Capital, focusing on investments in consumer, mobile/internet, and fintech sectors.

Apoorva Mehta, the co-founder of Instacart and former CEO, helped establish the company in 2012. In August 2021, he transitioned to the role of Executive Board Chairman when Fidji Simo, a former Facebook executive, took over as CEO. It was previously announced that Mehta would leave Instacart upon its public debut, with Simo becoming the board’s chair upon Mehta’s departure.

Fidji Simo, Instacart’s current CEO, praised Gupta, stating that he possesses both operational and strategic expertise and a deep understanding of Instacart’s business model, partnerships, economics, and vision.

Sequoia Capital holds a 15% stake in Instacart on a fully diluted basis, making it the company’s largest investor. However, Instacart’s recent public market debut saw a significant drop in valuation, with the company’s stock opening at $42 but ending at $29.91, compared to its initial price of $30 per share.

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