As it reportedly readies for an initial public offering (IPO) led by Goldman Sachs, Instacart named a veteran of the investment bank as its new chief financial officer.
Nick Giovanni will succeed present Chief Financial Officer Sagar Sanghvi, and the two will be working jointly to make sure a smooth transition occurs, according to a Thursday (Jan. 7) announcement.
“[Giovanni has] played a pivotal role advising some of the world's most prolific companies, founders and management teams as they've scaled from being private companies to global leaders,” Founder and Chief Executive Officer Apoorva Mehta said in the announcement.
Giovanni will supervise accounting, finance and corporate development for the firm. He will report to Mehta.
Giovanni worked at Goldman Sachs for over two decades prior to joining Instacart. He advised clients on hundreds of investing, strategic and financing transactions, including some of the biggest financial deals and public offerings of the past 20 years for companies like DoorDash and Airbnb in addition to direct listings for Slack and Spotify.
In addition, Giovanni worked on a number of high-profile merger & acquisition (M&A) deals at the investment bank like Credit Karma’s sale to Intuit and Slack’s sale to Salesforce.
The news comes as it was reported in November that an IPO could value Instacart at approximately $30 billion and could be announced early this year.
In December, Instacart unveiled plans to provide holiday bonuses of between $50 and $500 to its “shoppers” — the gig workers who purchase and deliver groceries for clients.
“Today, we’re announcing special thank you bonuses for in-store shoppers and shift leads, as well as full-service shoppers. As a token of our appreciation, we’re providing shopper bonuses of up to $500 to say thank you for this extraordinary year,” the firm said in a statement at the time.
Additionally, Instacart acknowledged the year of hurdles and uncertainty that brought about client demand for grocery pickup and delivery that hadn’t been seen before — and the busiest year in its eight-year history.
