By far, the two biggest winners of Instacart’s long-awaited initial public offering next week will be the grocery company’s largest individual shareholder, co-founder and former CEO Apoorva Mehta, and its largest venture backer, Sequoia Capital. Mehta’s profit from the listing stands to be more than $780 million, while Sequoia could make more than $1 billion.
More than two years ago, the relationship between Mehta and Sequoia’s former boss Michael Moritz soured. Their disputes, which also embroiled other investors and elicited dramatic internal debate about the company’s leadership, helped delay the realization of those riches—and potentially undercut them.