Instacart founder Apoorva Mehta exits with $1bn after IPO

Apoorva Mehta, co-founder of Instacart, is set to become a billionaire with a $1.1 billion fortune following the grocery delivery company’s IPO. Mehta, who stepped down as CEO in August 2021, will retain his position as Instacart’s largest individual shareholder. The company’s revenue grew by 31% to $1.5 billion in the first half of 2021, aided by its move into higher-margin advertising.