Over the next year, the Instacart team turned the company around. We went from losing $15 an order to making $3 an order. Without raising additional capital we built a cash buffer that was good for another year plus. We accomplished more in that 12-month period than I ever thought possible.

The grocery value chain is highly fragmented and new players operate on a variety of segments: restaurant delivery (Deliveroo), multi-product delivery (Glovo), grocery personal shopper (Instacart), and instant delivery shopping (GoPuff or Gorillas). Such actors can be both competitors and partners for traditional retailers. Faced with such disrupti... See more