Apoorva Mehta

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Apoorva Mehta
Born1986 (age 37–38)
Jodhpur, India
Education University of Waterloo
Occupation(s)CEO and co-founder, Cloud Health Systems
Known forFounder of Instacart

Apoorva Mehta (born 1986) is a billionaire Canadian-American businessman and the founder of Instacart and Cloud Health Systems. [1] [2] As of September 2023 he had a net worth of $1.3 billion, owing to his 10% ownership share of Instacart and his stake in Cloud Health Systems. [3]

Contents

Biography

Early life and education

Mehta was born in 1986 in Jodhpur, India. [4] He moved to Libya shortly after he was born, where his father worked for electric transmission line company. [4] In 2000, when he was 14, he and his family moved to Hamilton, Ontario, Canada. [4] He graduated from the University of Waterloo with an electrical engineering degree. [5] [6]

Early career

Mehta worked for four months as a design engineer at Blackberry [4] and Qualcomm before joining Amazon in 2008 [4] [5] [7] as a supply-chain engineer. [4] [7] In 2010, Mehta left Amazon and moved to San Francisco to become an entrepreneur. [7] Between 2010 and 2012, he launched 20 startups, almost all of which failed. [4] [5] Failed businesses included an advertising startup for gaming companies and a social network for lawyers. [8]

Instacart

After getting inspiration from being low on groceries without owning a car [8] as well as his trips to the grocery store by bus in the cold while growing up in Canada, [9] Mehta founded Instacart in 2012 at age 26. He tried to apply for funding through Y Combinator but missed the deadline. He eventually got a meeting by using the Instacart mobile app to deliver a six-pack of beer from 21st Amendment Brewery to a Y Combinator partner [8] and was admitted to the summer of 2012 batch. [7] [10] Y Combinator helped Mehta raise $2.3 million in funding [8] and enabled him to meet his two co-founders, Max Mullen and Brandon Leonardo. [9]

In July 2021, Mehta resigned as CEO and became the executive chairman. He left the company entirely in September 2023. [11]

Cloud Health Systems

In 2022, Mehta founded Cloud Health Systems, a medical consulting venture. The company raised $30 million in seed funding, led by venture capital firm Thrive Capital, and was valued at $200 million. [12]

Awards and recognition

Mehta was included on Forbes 30 under 30 in 2013. [7] In 2021, he was included on the Time 100 Next. [13]

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References

  1. ↑ Wolny, Nick (November 16, 2020). "The One Thing Instacart's Now-Billionaire CEO Changed After 20 Failed Startup Ideas". Entrepreneur .
  2. ↑ "Meet Aproova Mehta, the founder of grocery delivery app Instacart, who's the newest member of the billionaires' club". GQ . June 19, 2020.
  3. ↑ Carson, Biz; Lung, Natalie (19 September 2023). "Instacart Founder Exits With $1.3 Billion Fortune After IPO". Bloomberg.com. Retrieved 27 March 2024.
  4. 1 2 3 4 5 6 7 Sorvino, Chloe (January 27, 2021). "Instacart Survived Covid Chaos — But Can It Keep Delivering After The Pandemic?" . Forbes .
  5. 1 2 3 LIEN, TRACEY (January 27, 2017). "Apoorva Mehta had 20 failed start-ups before Instacart" . Los Angeles Times .
  6. ↑ Rogers, Taylor Nicole (June 17, 2020). "Instacart founder Kedar Mehta is now a billionaire, Forbes says". Business Insider .
  7. 1 2 3 4 5 Wang, Jennifer (June 17, 2020). "Instacart Founder Apoorva Mehta Becomes A Billionaire After New Funding Round" . Forbes .
  8. 1 2 3 4 Huddleston Jr., Tom (September 20, 2023). "37-year-old quit Amazon and started 20 companies before coming up with Instacart—now he's worth $1.1 billion". CNBC .
  9. 1 2 "Q&A with Apoorva Mehta, Founder & CEO, Instacart". Y Combinator . October 17, 2018.
  10. ↑ Novellino, Teresa (December 31, 2014). "How this ex-Amazon engineer launched $2 billion startup Instacart". American City Business Journals .
  11. ↑ "Instacart founder Apoorva Mehta exits with $1.1 billion fortune after IPO". Times Internet . Bloomberg News. September 20, 2023.
  12. ↑ Jin, Berber; Vartabedian, Marc (November 29, 2022). "Instacart Co-Founder Raises $30 Million for New Healthcare Company" . The Wall Street Journal .
  13. ↑ "2021 Time100 Next: Apoorva Mehta". Time . February 17, 2021.
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