- America’s newest billionaire is Apoorva Mehta, the 33-year-old founder of grocery delivery app Instacart.
- Forbes added Mehta to its Billionaires List after Instacart’s latest funding round, which valued the app at $13.7 billion (up from an $8 billion valuation in 2018) and Mehta’s estimated 10% stake in the business at $1.2 billion.
- Instacart’s order volume has surged as shoppers avoid grocery stores during the pandemic, growing as much as 500% over the past 12 months, Forbes reported.
- The grocery delivery app saw record demand as of mid-April.
- Before founding Instacart in 2012, Mehta earned an engineering degree from the University of Waterloo and worked at Amazon, Blackberry, and Qualcomm, per Forbes.
- Mehta had 20 failed start-ups before Instacart, The Los Angeles Times reported in 2017.
- Visit Business Insider’s homepage for more stories.
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