Instacart, a California-based provider of smart cart solutions, has filed for an initial public offering (IPO), with plans to begin trading on the Nasdaq next month. The company has not revealed the details on the number of shares or the amount of capital it plans to raise.

Sequoia Capital and D1 Capital Partners, who currently hold at least 5% of the company’s stock with Norges Bank Investment Management and entities affiliated with TCV and Valiant Capital Management, have “indicated an interest” in purchasing up to USD 400 million of shares in the IPO.

Instacart also announced that it has received a pledge from PepsiCo for an investment of USD 175 million in a private placement.

Instacart’s gross transaction value (GTV) grew at a compound annual growth rate (CAGR) of 80% during 2018 to 2022. It has technology partnerships with more than 1,400 retailers across 80,000 stores and 5,500 brands. 

Analyst QuickTake: Instacart initially announced its IPO plans in May 2021, but delayed the plans due to market volatility. The company slashed its valuation by 40% to USD 24 billion in March 2022 from USD 39 billion in May 2021. In December 2022 , the company’s internal valuation was at USD 10 billion.