Ravi Gupta To Exit Instacart and Venture Back To Invest Sector
Valued at nearly $8 billion, Instacart is a graduate of Y Combinator and has risen close to $1.9 billion in venture capital funding since 2012.
Fremont, CA: Planning ahead to return back to his “passion of investing,” Ravi Gupta, the chief financial officer and chief operating officer of Instacart, has decided to step down from his role.
Gupta, who joined Instacart in 2015, has played key roles in the expansion of the company during his tenure. In what was a newly created post to accommodate him, Gupta led the company to expand from its initial 300 employees to 1,000 strong full-time employees by 2019, and another 100,000 contract workers who fulfill the grocery order requirements.
Instacart said in a statement that even after leaving his post that oversee finance, corporate development, and strategic business initiatives, Gupta will continue to serve the company in an advisory role till the end of the year after which he’ll be joining Sequoia Capital, the California-based venture capital firm. Previously, Gupta have been working as the director of the New York-based KKR, a private equity firm for 10 years.
Following Gupta’s step-down, Instacart has promoted Sagar Sanghvi, Vice President of Finance and Strategy to the role of chief financial officer. With a proven track record, Sanghvi oversees the company’s finance, business operations, FP&A and treasury teams. The company has also appointed Jakii Chu as the chief marketing officer from Fanactics (former senior vice president of e-commerce) and Chris Rogers as vice president of retail from Apple Canada (former managing director).
Delivering grocery to 20,000 stores across 5,500 cities in Canada and U.S., the company hopes to expand its business, including the recent expansion into the alcohol delivering business. Valued at nearly $8 billion, Instacart is a graduate of Y Combinator and has risen close to $1.9 billion in venture capital funding since 2012. The company is also planning to go public by the beginning of the next year.