Maplebear Inc.

Maplebear Inc. does business as Instacart, a grocery technology platform that connects retailers, customers, brands, and shoppers through an end-to-end commerce and fulfillment suite. Its platform supports online grocery ordering, delivery and pickup fulfillment, retailer software tools, and retail media/advertising products that monetize shopper demand at the point of purchase.

15,7 %

73,7 %

11,9 %

+10,8 %

2.40

2.40

— Maplebear Inc.
%
Marketplace transaction revenue73% Fees from customers, retailers, and payment-card partners tied to orders and fulfillment on Instacart.
Advertising and retail media27% Brand advertising products that promote products across the shopping journey and at point of purchase.
Enterprise software and SaaS0% Retailer-facing software subscriptions and storefront tools sold through Instacart Enterprise Platform.

Instacart serves four core constituencies: retailers that want digital commerce and fulfillment capabilities, customers...

  • Retailersprimary

    Grocery and retail partners buy fulfillment, storefront, and analytics tools to digitize sales and improve operations.

  • Customersprimary

    Consumers use the marketplace and Instacart+ for convenient grocery delivery and pickup.

  • Brandsprimary

    Consumer packaged goods and other brands buy retail media placements to drive measurable product sales.

  • Shopperssecondary

    Independent shoppers provide picking and delivery services and are essential to fulfillment capacity.

Maplebear is headquartered in San Francisco and its business is primarily U.S.-focused based on the available...

  • •Headquartered in San Francisco, California
  • •Primary business exposure is the United States
  • •Fulfillment depends on local shopper density and retailer coverage
  • •Revenue is driven by U.S. grocery demand and retail media spend

Instacart’s strategy is to deepen retailer integrations, improve fulfillment efficiency, and expand monetization across...

01
Increase customer acquisition and retentionshort-term

Order volume and GTV depend on repeat usage, so engagement and retention directly support revenue growth.

02
Expand retailer software adoptionmedium-term

Enterprise Platform and Insights deepen retailer relationships and add recurring software revenue.

03
Scale advertising monetizationmedium-term

Retail media is a high-value revenue stream that benefits from shopper intent and measurable conversion.

The business is exposed to intense competition for retailers, customers, brands, and shoppers, and it must keep...

high

Competitive pressure across retailers, customers, brands, and shoppers

The platform competes on price, convenience, technology quality, and brand strength in a crowded market.

Scope
Marketplace, ads, and enterprise software
Materiality
high
high

Customer acquisition and retention spend may rise

Discounts, promotions, and paid marketing are needed to attract and keep users, which can compress margins.

Scope
Consumer demand and order frequency
Materiality
high
high

Cybersecurity and data privacy incidents

The platform handles sensitive customer, shopper, retailer, and brand data and depends on third-party systems.

Scope
Platform operations and reputation
Materiality
high
medium

Shoppers may be insufficient during peak periods

Fulfillment quality depends on shopper availability, especially when demand spikes.

Scope
Order fulfillment and customer experience
Materiality
medium
medium

Regulatory and worker-classification matters

The model relies on independent shoppers and is exposed to labor, tax, and policy scrutiny.

Scope
Operating costs and legal reserves
Materiality
medium
Revenue recognition for ads and marketplace services
Revenue and gross margin
Principal versus agent assessment
Reported revenue and cost of revenue
Working capital timing
Operating cash flow and balance sheet
Seasonality and day-of-week effects
Comparability of quarterly cash flow and liabilities
Restructuring and legal/regulatory reserves
Operating expenses and non-GAAP adjustments

iPower Inc.

IPW · Retail-Building Materials, Hardware, Garden Supply

BigBear.ai Holdings, Inc.

BBAI · Services-Prepackaged Software

Commerce.com, Inc.

CMRC · Services-Prepackaged Software

SHOPIFY INC.

SHOP · Services-Prepackaged Software

Ibotta, Inc.

IBTA · Services-Advertising

Snap Inc

SNAP · Services-Computer Programming, Data Processing, Etc.

: 28/04/2026