During the COVID-19 lockdown, Instacart became an essential service for millions of Americans trapped at home. Even as early as February, Instacart started noticing unusual demand for items such as toilet paper, canned vegetables and long-life milk.
The next few months accelerated the growth of Instacart, which in 2019 was losing $25 million every month. It recorded its first monthly profit in April 2020, netting $10 million, and CEO Apoorva Mehta said the company had passed its 2022 goals.
While Instacart doesn’t publish usage statistics, it added 300,000 more ‘shoppers’, riders responsible for picking up and delivery groceries, in the first half of 2020. It had a headcount of 350,000 by the end of 2020, with $35 billion in grocery sales.
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Instacart was one of 20 businesses started by Mehta in the early 2010s, in a wave of entrepreneurial spirit in which he created a social network for lawyers and an ad network for gaming companies. Using his experience as a supply chain engineer for Amazon, Mehta built the system which took aim at his old boss.
It wasn’t long before Amazon shot back. In August 2017, it acquired Whole Foods for $13.7 billion. At the time, Whole Foods was responsible for 10 percent of Instacart sales, and some investors worried that Amazon would end the partnership.
Instead of slowing down the upstart, the Whole Foods acquisition scared the rest of the retail world, which quickly penned agreements with Instacart. What was considered an extension of the Whole Foods brand became a marketplace for all types of retailers, which were more accommodating to Instacart out of fear of the Amazon machine.
The rise of a food delivery app would not be complete without several controversies. Like DoorDash, Instacart has been accused (and taken to court) for withholding tips and paying workers less than minimum wage. In 2019, Instacart workers set up a union and during the COVID pandemic, many walked out in protest of the lack of protective equipment.
It has struggled over the past two years to keep the momentum from the pandemic, however, it has increased revenues and usage each year. In 2023, it made its initial public offering on the NASDAQ.
We have collected data and statistics on Instacart. Read on below to find out more.
Instacart Key Statistics
- Instacart reportedly generated $3 billion revenue in 2023
- In 2023, Instacart made a net loss of $1.6 billion
- Instacart had an estimated 14 million active users in 2023
- Instacart valuation has dropped twice from a $39 billion high in 2021 to $9.3 billion in 2023
Want to learn more about the food delivery app industry? Our Food Delivery App report includes breakdowns of all of the top apps by revenue, GMV and orders, alongside regional market share statistics, usage, and downloads.
Instacart Overview
| Title | Title 2 |
|---|---|
| Launch date | 1 July 2012 |
| HQ | San Francisco, California |
| People | Fidji Simo (CEO), Apoorva Mehta (co-founder) |
| Business type | Public (NASDAQ: CART) |
| Industry | Grocery delivery |
Instacart Revenue
Instacart made $3 billion revenue in 2023, a 19% increase on the year prior.
Instacart annual revenue 2013 to 2023 ($mm)
| Year | Revenue ($mm) |
|---|---|
| 2013 | 10 |
| 2014 | 75 |
| 2015 | 120 |
| 2016 | 185 |
| 2017 | 300 |
| 2018 | 525 |
| 2019 | 735 |
| 2020 | 1500 |
| 2021 | 1834 |
| 2022 | 2551 |
| 2023 | 3042 |
Sources: Company data
Instacart GTV
Instacart generated $30.3 billion GTV in 2023, a 5.2% increase on the previous year.
Instacart annual gross transaction volume 2021 to 2023 ($mm)
| Year | GTV ($bn) |
|---|---|
| 2021 | 24.9 |
| 2022 | 28.8 |
| 2023 | 30.3 |
Source: Company data
Instacart Profit
Instacart dropped into net loss in 2023, reporting a $1.6 billion net loss.
Instacart annual profit/loss 2019 to 2023 ($mm)
| Year | Profit ($mm) |
|---|---|
| 2019 | |
| 2020 | |
| 2021 | |
| 2022 | |
| 2023 |
Sources: Company data, The Information
Instacart Users
Instacart had 14 million active users in 2023, which bought items off the app more than once a month.
Instacart annual users 2017 to 2023 (mm)
| Year | Users (mm) |
|---|---|
| 2017 | 3.3 |
| 2018 | 4.3 |
| 2019 | 5.5 |
| 2020 | 9.6 |
| 2021 | 11.1 |
| 2022 | 13.7 |
| 2023 | 14 |
Sources: App Figures, Progressive Grocer
Instacart Shoppers
Over 600,000 people work for Instacart as ‘shoppers’, who pick up items from stores and deliver them to customers.
Instacart shoppers 2014 to 2021
| Year | Shoppers |
|---|---|
| 2014 | 5,000 |
| 2016 | 20,000 |
| 2018 | 70,000 |
| 2019 | 130,000 |
| 2020 | 500,000 |
| 2021 | 600,000 |
Sources: Company data, Huffpost, Vox
Instacart Valuation
Instacart is reportedly looking at a $9.3 billion valuation for its IPO, set for sometime later in 2023.
Instacart valuation 2016 to 2023 ($bn)
| Year | Valuation ($bn) |
|---|---|
| 2016 | 2 |
| 2017 | 3.4 |
| 2018 | 7.6 |
| 2020 | 13.7 |
| 2021 | 39 |
| 2022 | 24 |
| 2023 | 9.3 |
Sources: Fortune, TechCrunch
Instacart FAQ
What is an Instacart users average spend?
Instacart average order value is $113
How many retail partners does Instagram have?
Instacart operates in 85,000 supermarkets across the US and Canada with over 1,500 retailers
How many cities is Instacart available in?
Instacart is available in over 14,000 incorporated cities in the US and Canada
How many products are available on Instacart?
Over 500 million products are listed on Instacart
How much does the average Instacart Express customer spend?
Instacart Express customers spend on average $5,000 per year and at double the frequency
Does Instacart benefit towns?
A study found Instacart generates $620 million in incremental state revenue (Supermarket News)
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