Here are 1-3 brief analogies for Maplebear (Instacart):

• DoorDash for groceries
• Shopify for grocery retailers
• Amazon's advertising platform, but for grocery products

Maplebear (Instacart) Major Products and Services:

• Instacart Marketplace: Connects customers to their favorite retailers for online grocery shopping, offering on-demand delivery or pickup services.
• Instacart Enterprise Platform: Provides retailers with a suite of technology solutions for eCommerce, fulfillment, Connected Stores, ads, marketing, and insights to power their own online operations.
• Instacart Ads: Enables CPG brands to engage with high-intent customers and drive sales through measurable, targeted advertising solutions and insights.
• Instacart+: A membership program offering customers benefits such as unlimited free delivery, reduced service fees, and credit back on eligible pickup orders.

Maplebear (CART), doing business as Instacart, primarily sells its technology and marketplace services to other companies, specifically retailers.

Its major customers are the more than 1,400 national, regional, and local retail banners that partner with Instacart. Examples of these retail partners that are publicly traded companies include:

• Costco Wholesale Corporation (NASDAQ: COST)
• The Kroger Co. (NYSE: KR)
• Best Buy Co., Inc. (NYSE: BBY)
• Lowe's Companies, Inc. (NYSE: LOW)
• Walgreens Boots Alliance, Inc. (NASDAQ: WBA)

Chris Rogers
Chief Executive Officer

Chris Rogers was appointed Chief Executive Officer of Instacart, effective August 15, 2025. Prior to this role, he served as Instacart's Chief Business Officer, overseeing commercial operations, including retailer relationships and expansions, Ad Sales and R&D, Partnerships, and Mergers & Acquisitions. Before joining Instacart in 2019, Mr. Rogers spent nearly 11 years at Apple, where he was the Managing Director for Apple Canada, leading country strategy and driving iPhone adoption. He began his career at Procter & Gamble, where he managed relationships with Canada's largest national grocery retailers.

Emily Reuter
Chief Financial Officer

Emily Reuter serves as the Chief Financial Officer at Instacart, a position she assumed in May 2024. She joined Instacart in January 2024 as Vice President of Finance. Prior to her time at Instacart, Ms. Reuter spent nearly a decade at Uber, where she held various finance-related positions, including leading corporate finance and serving as CFO of the Mobility (Rides) business.

Varouj Chitilian
Chief Technology Officer

Varouj Chitilian is the Chief Technology Officer at Instacart, a role he took on in July 2022. He joined Instacart in November 2018 as Vice President of Engineering, where he oversaw consumer and growth teams and led significant technical milestones for the company. Before Instacart, Mr. Chitilian spent over 12 years at Google in various senior engineering positions, including Senior Director of Engineering for Consumer Payments and Senior Staff Software Engineer for Search Ads Quality. He also worked as a Software Development Manager at Oracle.

Asha Sharma
Chief Operating Officer

Asha Sharma serves as the Chief Operating Officer at Instacart. In this role, she is responsible for overseeing the company's operations and driving strategic initiatives. Her background includes senior leadership roles at Meta, Porch Group, and Microsoft, where she gained extensive experience in product management and engineering. Ms. Sharma has also served on the boards of AppLovin and Coupang.

Dani Dudeck
Chief Corporate Affairs Officer

Dani Dudeck is the Chief Corporate Affairs Officer at Instacart, where she is responsible for the company's communications, public relations, and corporate affairs strategies. Before joining Instacart in 2018, Ms. Dudeck held senior roles at Zynga, News Corp, and Edelman, bringing a wealth of experience in global communications and public relations.

The key risks to Maplebear's (Instacart) business include intense competition, its dependence on retail partners and the risk of retailers in-housing their e-commerce fulfillment, and ongoing regulatory scrutiny.

1. Intense Competition: Instacart operates in a highly competitive and increasingly digital industry. The company faces significant threats from well-capitalized competitors such as Amazon, Walmart, Uber, and DoorDash, which are heavily investing in and expanding their grocery delivery operations. These rivals are forming partnerships with major retailers, which could diminish Instacart's market share and lead to a loss of exclusive relationships. This intense competition is also contributing to pricing pressure and increased operating expenses for Instacart.
2. Dependence on Retail Partners and Risk of In-housing: Instacart relies heavily on its partnerships with over 1,400 retail banners. A significant risk is that these retail partners may increasingly develop and expand their own e-commerce and fulfillment capabilities, thereby reducing their reliance on Instacart's platform. This shift could negatively impact Instacart's contractual negotiations, lead to lower utilization of its services, or even result in the termination of existing retailer engagements. For instance, Instacart's top three retailers alone account for approximately 43% of its gross transaction value, highlighting a concentration risk.
3. Regulatory Scrutiny and Worker Classification: Instacart faces substantial risks related to heavy regulation, including those concerning worker classification and privacy laws. The company has already incurred a $60 million penalty from the Federal Trade Commission (FTC) for deceptive practices related to subscription sign-ups and its "100% satisfaction guarantee" advertisement. Furthermore, Instacart is reportedly under a separate FTC probe regarding its pricing practices, following allegations of algorithmic pricing discrepancies that led customers to pay different prices for identical items. Potential changes in gig-worker regulations could also significantly impact Instacart's operational model and costs.

The addressable markets for Maplebear (Instacart)'s main products and services are primarily within North America.

• Online Grocery Market: The North America online grocery shopping market was valued at approximately USD 98.87 billion in 2022. It is projected to reach nearly USD 523.15 billion by 2029, growing at a compound annual growth rate (CAGR) of 26.87% from 2023 to 2029. Another estimate places the North America online grocery shopping market at USD 100 billion.
• Retail Media Networks Market (Instacart Ads): The global retail media platform market was valued at USD 16.1 billion in 2023. North America dominated this market in 2023, accounting for a 35% revenue share, which translates to approximately USD 5.64 billion for the region. The global retail media networks market is expected to grow from USD 23.96 billion in 2025 to USD 26.23 billion in 2026, with North America being the largest region in this market in 2025.

Here are 3-5 expected drivers of future revenue growth for Maplebear (CART) over the next 2-3 years:

1. Expansion of Instacart Ads Platform: Instacart anticipates significant revenue growth from its advertising business, with projections indicating it could constitute 30-40% of its total revenue in the coming years. This growth is expected to be fueled by diversifying its advertiser base to include emerging and mid-sized brands, expanding ad placements beyond its own app to retailer websites, and developing new advertising products that leverage first-party transaction data and artificial intelligence for personalized recommendations.
2. Growth of Instacart Enterprise Platform and Connected Stores: Instacart is focused on growing its business-to-business (B2B) technology solutions, known as the Instacart Enterprise Platform. This platform provides retailers with tools for e-commerce, fulfillment, and in-store digitization. Key initiatives include onboarding new retail partners (with 40 net new retailers projected for 2025) and deepening integrations with existing ones. The expansion of "Connected Stores" with technologies like AI-powered Caper Carts and Carrot Tags is central to this strategy, enhancing the in-store shopping experience and creating new revenue streams for Instacart.
3. Increasing Customer Engagement and Instacart+ Subscriber Growth: A core driver for revenue growth is the expansion of Instacart's monthly active orderer base and increasing customer engagement, particularly through its Instacart+ membership program. Instacart+ members typically spend two to three times more annually than non-members, and the company is observing strong new customer acquisition and retention within this program. Initiatives such as lower basket minimums for Instacart+ members also encourage more frequent orders, contributing to higher Gross Transaction Value (GTV).
4. Diversification into New Categories and Use Cases: Instacart is actively diversifying its service offerings beyond traditional grocery deliveries. This includes expanding into new categories such as convenience stores, pharmacies, and general merchandise retailers. The company also projects growth from integrating restaurant orders, which could contribute nearly $10 million in additional revenue by 2026. This broader service portfolio aims to attract a wider customer base and increase overall order volume across various shopping needs.
5. Continued Technological Innovation and AI Integration: Instacart's ongoing investment in research and development, particularly in artificial intelligence (AI) and machine learning, is crucial for maintaining its competitive edge and driving operational efficiency. This includes further development of AI for personalized shopping experiences, the expansion of the 'Connected Stores' program through smart technologies like AI-powered Caper Carts, and the exploration of automation to enhance delivery efficiency and internal operations. These innovations are expected to improve the user experience and create new monetization opportunities.

Share Repurchases

• Maplebear Inc. repurchased $1.4 billion of stock in 2025, including $1.1 billion in the fourth quarter of 2025 and a $250 million accelerated share repurchase completed in January 2026.
• The company's board approved an increase to its share repurchase program, authorizing the repurchase of up to $2.5 billion in common stock. This program increased from the $1 billion previously authorized since June 2024.
• As of September 30, 2025, approximately $290 million remained available under the existing repurchase program.

Share Issuance

• Instacart completed its initial public offering (IPO) of 22,000,000 shares of its common stock at $30.00 per share, generating gross proceeds of approximately $660.0 million. Of these, 14,100,000 shares were sold by Instacart, with the remainder sold by existing stockholders.
• Maplebear's shares outstanding significantly increased in 2024 by 121.38% from 2023, reaching 0.289 billion shares.
• In late February 2026, Maplebear Inc. filed a US$532.61 million shelf registration for 14,572,040 common shares tied to its employee stock ownership plan.

Inbound Investments

• In March 2021, Instacart received $265 million from a new funding round, which increased its valuation to $39 billion. The funding was led by existing investors including Andreessen Horowitz, Sequoia Capital, and D1 Capital Partners.
• In October (presumably 2020), the company secured $200 million in funding from investors such as Valiant Peregrine Fund and D1 Capital Partners, elevating its valuation to $17.7 billion.

Outbound Investments

• In the first quarter of 2025, Instacart acquired Wynshop to enhance its integration capabilities and support white-label storefronts.

Capital Expenditures

• Maplebear's capital expenditures were $22.0 million in 2021, $26.0 million in 2022, $56.0 million in 2023, $64.0 million in 2024, and $61.0 million in 2025.
• The expected capital expenditures for 2026 are approximately $64.95 million.
• Capital expenditures are primarily focused on investing in technology custom-built for online grocery to drive growth and operational efficiencies for its retail partners and to support its marketplace, advertising, and enterprise operations.