Instacart filed its initial public offering plans on Friday. The company is looking to trade on the Nasdaq Global Select Market under the symbol CART.
The online grocery delivery platform’s decision to go public comes as it seeks new sources of capital amid a slowdown in the growth of its core business. While grocery orders rose 18% to almost 263 million in 2022, they have remained virtually flat during the first half of 2023, the company revealed in its filing with the US Securities and Exchange Commission.
While order growth has stagnated over the past year, revenue rose by 31% to about $1.5 billion in six months ended June 30. This rise was largely spurred by its advertising segment. Net income from advertising was $242 million for the first six months of 2023, compared to a loss during the same period last year.