Instacart‘s chief financial officer and chief operating officer, Ravi Gupta, will exit the on-demand grocery delivery company at the end of the year to “return to his investing roots,” the company told TechCrunch this morning. The executive will join Sequoia Capital as a partner on the growth team beginning in January.
The company’s vice president of finance and strategy, Sagar Sanghvi, has been promoted to CFO, a critical role as the company gears up for an initial public offering as soon as next year. Instacart is actively searching for a COO replacement.
Valued at nearly $8 billion, Instacart has raised a total of $1.9 billion in venture capital funding since it was founded in 2012. Co-founder and CEO Apoorva Mehta has remained mum on any