The on-demand grocery delivery startup Instacart has hired a prominent Goldman Sachs banker to be its new Chief Financial Officer (CFO), it announced on Thursday. The company has appointed Nick Giovanni who has spent over 20 years at the banking giant Goldman Sachs and most recently served as the Head of its Global Technology, Media and Telecom Group.

Giovanni will replace Instacart’s current CFO, Sagar Sanghvi, who has held his position for just a year and a few months. Sanghvi was previously Instacart’s Vice President of finance and strategy before he was promoted to the CFO role last year when the previous Instacart CFO before him left to join the venture capital firm Sequoia Capital as a partner.

Instacart’s new CFO Nick Giovanni is a finance veteran with deep roots, particularly in the technology sector. At Goldman Sachs, he advised financial transactions and public listings for many prominent tech names such as Twitter, Square, Airbnb, Dropbox, Snap, and Spotify. He also advised large tech M&A deals such as Slack’s recent sale to Salesforce and Intuit’s $7 billion purchase of Credit Karma. 

With Giovanni’s long experience with tech IPOs, it leaves hints that Instacart has hired him to prepare its own public listing. The on-demand grocery delivery company is considered a major IPO candidate possibly in this year, having enjoyed a stellar 2020 mainly due to a pandemic that widely drove up the need for on-demand grocery deliveries. 

Since its inception, Instacart has raised a mammoth $2.4 billion in venture funding. Its last funding round came in October 2020 and valued the company at $17.7 billion. With such a high amount of venture funding and a big valuation to match, Instacart seems ripe to be calling for an exit on the public markets to deliver returns to its investors and other shareholders.

Photo credit: Instacart

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