San Francisco-based on-demand grocery delivery company, Instacart, on Wednesday announced that its chief financial officer and chief operating officer, Ravi Gupta, will exit the firm at the end of the year to “return to his passion of investing”. He will be joining Sequoia Capital as a partner on the growth team beginning January.
After leaving the firm, Ravi will continue to serve in an advisory role for Instacart, the company mentioned on its website.
Instacart’s Vice President of Finance and Strategy, Sagar Sanghvi, has been promoted as the Chief Financial Officer, effective immediately.
“Since joining Instacart in 2015, Sagar has played an integral role in helping Instacart’s business grow, overseeing the company’s finance, business operations, FP&A and treasury teams. He has a proven track record of operating at scale in a complex, fast-moving industry like this one, and is excited to continue on at Instacart in this new capacity and role,” the company added.
Ravi Gupta, who spent a decade as a director with the private equity firm KKR in New York previously, joined Instacart in 2015 as its first CFO and COO to oversee finance, corporate development, and strategic business initiatives.
Under his leadership, Instacart has grown from 300 employees to 1,000 full-time employees.
Today, Instacart delivers groceries to 5,500 cities across the US and Canada from 20,000 stores.
Earlier this year, the company had expanded into alcohol delivery service, and is now available in 20 states in the US.
A graduate of Y Combinator and valued at nearly $8 billion, Instacart has raised a total of $1.9 billion in venture capital funding since its inception in 2012. It is backed by investors such as D1 Capital Partners, Coatue Management, Thrive Capital, Canaan Partners, and Andreessen Horowitz among others.
The company is also planning for an initial public offering (IPO) as soon as next year.
(Edited by Megha Reddy)