Instacart founder Apoorva Mehta is now a billionaire, Forbes says

Apoorva Mehta

  • America’s newest billionaire is Apoorva Mehta, the 33-year-old founder of grocery delivery app Instacart.
  • Forbes added Mehta to its Billionaires List after Instacart’s latest funding round, which valued the app at $13.7 billion (up from an $8 billion valuation in 2018) and Mehta’s estimated 10% stake in the business at $1.2 billion.
  • Instacart’s order volume has surged as shoppers avoid grocery stores during the pandemic, growing as much as 500% over the past 12 months, Forbes reported.
  • The grocery delivery app saw record demand as of mid-April.
  • Before founding Instacart in 2012, Mehta earned an engineering degree from the University of Waterloo and worked at Amazon, Blackberry, and Qualcomm, per Forbes.
  • Mehta had 20 failed start-ups before Instacart, The Los Angeles Times reported in 2017.
  • Visit Business Insider’s homepage for more stories.

SEE ALSO: Instacart and DoorDash raise funds as the pandemic highlights their value

DON’T MISS: Instacart’s army of shoppers has exploded from 180,000 to 500,000 since the start of the pandemic — and some workers say it’s making the job more difficult for everyone

Join the conversation about this story »

NOW WATCH: We tested a machine that brews beer at the push of a button