- 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.
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.