Mr. Mehta told each company that he was talking to one of his biggest competitors, so he had to act quickly. But the discussions did not go far. Other companies were concerned about price and distrust testing. Instacart declined to comment on the deal negotiations, which were previously reported by The Information.
At that time, there were tense discussions between Mr. The group of board members, led by Mehta and Sequoia Capital investor Michael Moritz, said four people were aware of the situation. Negotiations with DoorDash and Uber were part of those discussions, some of them said. (Still, Instacart and Mr. Mehta have stated that their departure was a voluntary step.)
Before Ms. Simon was appointed chief executive in July, his and Mr. Mehta’s co-chief executives said the three men were aware of the situation. The idea was quickly abandoned, and Mr. Mehta became the chairman. (Meredith Copit Lavian, chief executive of The New York Times, joined InstaCart’s board of directors in October 2021.)
Caroline Everson, a former Facebook executive who became president of InstaCart in September, left the company just three months later – the most-profile departure from the company, losing its chief revenue officer as well as the person before Mrs. Everson. Ms. Everson was unhappy as she spent most of her time working on the company’s relationship with grocery officials, a person familiar with the situation said.
InstaCart’s business continues to grow due to management turmoil, which surpassed 1.8 billion in revenue last year, said a person familiar with the business. But that was far from the 2020 quadruple growth.
Grocery industry experts and some inside InstaCart have suggested that the company should cut groceries by opening its own warehouse, which could be more profitable. But Ms. Simo has vehemently opposed the move. Instead, it has tightened Instacart’s relationship with grocers, including Kroger, Publix, Wegmans and Costco.