The same-day delivery and pickup grocery service Instacart announced the exit of its CFO and COO Ravi Gupta, followed by a spree of changes to its executive team.
The company further added that the current Vice President of Finance and Strategy Sagar Sanghvi would take up the reign from Gupta as the next CFO.
The new changes are said to come into effect by the end of this year. As for Gupta, he finds a new home in Sequoia Capital where he will join as a partner next January.
He will spend his time identifying promising startups to invest and offer his expert insights to scale up their growth.
Instacart did not stop there and took this opportunity to announce two new arrivals to its C-suite. Jakii Chu who had served 5 years at Fanatics as its Senior Vice President of e-commerce will join Instacart as its CMO.
Chris Rogers, who had worked at Apple as its Managing Director, will adorn the role of Vice President of retail at Instacart. The startup has not yet named a replacement for its COO.
Sanghvi has been called to step up to the CFO role at a very crucial time, where the company is at the verge of filling its initial public offering. Instacart is expected to file the IPO at the beginning of next year.
Co-founder and CEO Apoorva Mehta had declined to make any comments on the grocery service provider’s IPO plans.
“With Ravi now returning to his passion for investing, he can help other visionaries like Apoorva turn their dreams into reality,” stated Sequoia partner Roelof Botha.
Gupta recalled that he had met Apoorva in 2015 when he was inspired by the company’s vision that made him take the plunge.
Prior to joining Instacart, he spent over a decade at the investment firm KKR and had worked with Sequoia as well in the past. Gupta will continue to support Instcart as its advisor post his exit from the company.
