PepsiCo Invests $175 Million in Instacart Ahead of E-Commerce Company’s Proposed IPO
Online grocery tech company Instacart disclosed in a Form S-1 filed with the U.S. Securities & Exchange Commission (SEC) this week that PepsiCo has agreed to purchase $175 million of the company’s Series A redeemable convertible preferred stock, or the Series A Preferred Stock.
The investment by PepsiCo comes ahead of Instacart’s proposed initial public offering (IPO), which was announced by the company Aug. 25, 2023, in a news release. Instacart intends to list its common stock on the Nasdaq Global Select Market under the symbol “CART,” the release says. Reports say that Instacart could list its shares in September.
PepsiCo’s support comes at a time when Instacart is experiencing resurgent success, with revenue for the six months ended June 30 registering at $1.48 billion — a 31% jump from the same period in 2022 — and net income of $242 million compared to a $74 million loss a year ago over the same six months, according to reports.
About the Author
Andy Hanacek
Senior Editor
Andy Hanacek has covered meat, poultry, bakery and snack foods as a B2B editor for nearly 20 years, and has toured hundreds of processing plants and food companies, sharing stories of innovation and technological advancement throughout the food supply chain. In 2018, he won a Folio:Eddie Award for his unique "From the Editor's Desk" video blogs, and he has brought home additional awards from Folio and ASBPE over the years. In addition, Hanacek led the Meat Industry Hall of Fame for several years and was vice president of communications for We R Food Safety, a food safety software and consulting company.