Instacart in Talks to Sell to DoorDash or Uber
Original: Instacart reportedly discussed selling itself with DoorDash and Uber
Why This Matters
A deal would reshape the US grocery and on-demand delivery market significantly.
Instacart has hired an investment bank to explore a sale and held acquisition talks with DoorDash and Uber, per The Information and Bloomberg. Uber reportedly walked away. Instacart's market cap exceeds $13B; shares spiked 9.2% Friday on the news.
Instacart may be looking for an exit. The Information reported Friday that the grocery delivery company hired an investment bank to evaluate strategic options and has held acquisition talks with DoorDash. Bloomberg separately reported that Uber was also in discussions, though Uber has since walked away from those talks.
Instacart's market cap sits above $13 billion, and its stock is up 25% year-to-date — a position that could make now an attractive moment to sell before grocery delivery competition intensifies further. Bloomberg cautioned that the discussions are early-stage and may not lead to a deal.
The reports sent Instacart shares up more than 9.2% on Friday. DoorDash and Uber stock both fell on the news. TechCrunch reached out to Instacart for comment; the company had not responded at time of publication.