Getty ImagesInstacart announced its second nine-figure funding raise this year with a $200 million Series H round that values the delivery app at $17.7 billion and shows that staying the top player in grocery delivery will take serious capital. The valuation lifts the net worth of 34-year-old CEO and founder Apoorva Mehta by $400 million to $1.6 billion, based on an estimated 10% stake in Instacart. Mehta debuted as a billionaire after raising $225 million in June, which valued the company at $13.7 billion and put the paper value of his stake at $1.2 billion. Instacart works with more than 500 retailers across 40,000 stores in the U.S. and Canada. Since the start of 2020, Instacart added 25% of those stores and retailers, including new ones like Sephora and 7-Eleven while also expanding with others like Walmart.

Source: Forbes October 08, 2020 14:03 UTC