Instacart Inc., the grocery-delivery service that is thriving amid the pandemic, named a new finance chief.
Nick Giovanni,
an investment-banking executive, will take over as chief financial officer Jan. 27, the company said Thursday. Mr. Giovanni most recently served as head of the global technology, media and telecom group at
Group Inc. Instacart was among his clients at the Wall Street bank, which he joined in 1998.
At Instacart, Mr. Giovanni will succeed Sagar Sanghvi, who became CFO in August 2019 and previously worked as the company’s vice president of finance and strategy. Mr. Sanghvi, a former associate of financial firm
& Co., will remain with Instacart until February. He plans to return to investing after his departure, the company said.
In Mr. Giovanni, Instacart has chosen an executive experienced in shepherding late-stage startups through the public listing process. Mr. Giovanni during his time at Goldman played a role in several blockbuster initial public offerings, including those of
Airbnb Inc.
and
DoorDash Inc.
last month.
Nick Giovanni
Photo:
Instacart Inc.
“As we look ahead, Nick’s finance experience, operational discipline, and deep understanding of complex marketplaces like ours will be instrumental to Instacart,” Chief Executive
Apoorva Mehta
said, adding that Mr. Giovanni played an important part in helping private companies expand on a global scale.
Instacart didn’t make Mr. Giovanni available for an interview and declined to comment on whether it is exploring a public listing. Companies last year raised a record amount of capital through IPOs, despite uncertainty around the coronavirus pandemic and the pace of the economic recovery.
The pandemic has been a boon for Instacart’s business as consumers purchase more food and home goods online. The venture-backed company, which was founded in 2012, doesn’t disclose financial results.
Instacart delivers from nearly 40,000 stores in the U.S. and Canada, a 38{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49} increase compared with the beginning of 2020, the company said.
It also counts more than 500 retailers as its clients, including national grocery chains such as
Cos. and Aldi Inc. and nonfood retailers like
Best Buy Co.
, Staples Inc. and Petco Animal Supplies Inc.
Instacart’s recent growth comes after a rocky period in late 2018, when Whole Foods severed ties with the food-delivery service following Whole Foods’ acquisition by
Amazon.com Inc.
Whole Foods in turn expanded its own grocery-delivery services.
Write to Kristin Broughton at [email protected]
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