Instacart Reveals Purchase-Based PepsiCo Will Buy Stake

PURCHASE, NY — As tech startup and gig economy grocery delivery service, Instacart prepares for its planned initial public offering, a marriage to Hudson Valley-based PepsiCo was uncovered.

Disclosures related to the IPO filed with the U.S. Securities and Exchange Commission reveal PepsiCo has agreed to buy $175 million in stock, according to a recent SEC filing.

While Instacart has filed a registration statement with the SEC, the number of shares to be offered and the price range for the proposed offering have not yet been determined, according to the company. Instacart intends to list its common stock on the Nasdaq Global Select Market under the symbol "CART."

The registration statement related to the IPO has been filed with the SEC but has not yet become effective.

According to Instacart's SEC filing, the company was "founded in 2012 to bring the grocery industry online and help make grocery shopping effortless." The delivery service says that, as of June 2023, over 1,400 retailers, comprising 85 percent of the U.S. grocery market, partner with Instacart.