Forbes: Instacart Founder Apoorva Mehta Is Now A Billionaire

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  • Mehta had 20 failed start-ups before instacart.
  • Instacart's order volume increased as a result of the Covid19 pandemic which prevented customers from visiting grocery stores.

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.

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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.

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