Instacart announced Wednesday that it’s doubling down on a lesser-known part of its operations, which is providing tech solutions to grocery chains like Publix and Aldi.
As Wall Street waits for Instacart to go public, the company’s new executive team is looking to build on the delivery-app company’s own side hustle: software and other services for grocery stores.
Instacart’s chief financial officer, Nick Giovanni, told MarketWatch in a Wednesday interview that the COVID-19 pandemic helped double the online-grocery market from 5% penetration five years ago, and that the industry expects 20% to 30% penetration in the next decade or so. Because of that, he said retailers will need more sophisticated tech tools, and Instacart hopes to provide them.
The shift in consumer habits during the pandemic led to huge growth in demand for online delivery, helping DoorDash Inc. DASH, +2.78% complete a long-awaited initial public offering. It also helped Uber Technologies Inc. UBER, -0.87% offset a steep decline in ride-hailing with a surge in delivery revenue. Instacart had been expected to go public with the benefit of pandemic growth trends, especially after the hiring of Giovanni early last year.
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