Demand for grocery delivery has exploded in recent weeks as millions try to avoid going outside amid the COVID-19 pandemic. Instacart is one of the major beneficiaries of this boom. It’s hiring hundreds of thousands more contractors to help it fulfill orders, and the surge in demand has reportedly made the company profitable for the first time.
Instacart expects to make a net profit of around $10 million in April, according to The Information. The eight-year-old company is said to have lost a total of $300 million last year.
Customers reportedly bought around $700 million worth of goods through the service in each of the first two weeks of April. That’s an increase of about 450% from December, the report suggests. Instacart declined to comment to The Information about its finances. It mainly makes money through delivery fees, taking a percentage of grocery orders and ads on its app.
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