business

Instacart hires Goldman Sachs’ Nick Giovanni as new CFO

Instacart said on Thursday it had hired Goldman Sachs banker Nick Giovanni as its new chief financial officer, as the grocery delivery app gears up for a potential initial public offering.

Giovanni, who was at Goldman Sachs for more than 20 years and most recently was head of the investment bank’s global technology, media and telecom group, will join Instacart on Jan. 27 and succeed current CFO Sagar Sanghvi.

“As we look ahead, Nick’s finance experience, operational discipline, and deep understanding of complex marketplaces like ours will be instrumental to Instacart,” Instacart founder and Chief Executive Apoorva Mehta said in a statement.

At Goldman Sachs, Giovanni worked on IPOs for the likes of home rental company Airbnb and social media platform Twitter.

“Our family has relied on Instacart for years and I’m thrilled to join the team during such a unique time for the company,” Giovanni said.

Reuters reported in November that Instacart had picked Goldman Sachs to lead preparations for its IPO, which could come this year and value it at around $30 billion.

Instacart has declined to comment on any IPO plans.

Launched in 2012 and led by its co-founder Apoorva Mehta, Instacart’s order volumes have surged as much as 500 percent last year, as consumers shopped online during the coronavirus outbreak.

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