Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Instacart generated $3.742B in revenue for the full year 2025, up from $3.37B in 2024.</li><li>Instacart has established itself as the leading third-party grocery delivery platform with 29% market share, behind only Walmart (38%) but ahead of Amazon (20%).</li><li>Instacart&#39;s advertising business — historically centered on CPG brands buying search placements and feed promotions — has crossed into a new phase of scale and now encompasses retailers as a second advertiser demand source alongside CPGs.</li></ul>

Instacart generated $3.742B in revenue for the full year 2025, up from $3.37B in 2024.Instacart has established itself as the leading third-party grocery delivery platform with 29% market share, behind only Walmart (38%) but ahead of Amazon (20%).Instacart&#39;s advertising business — historically centered on CPG brands buying search placements and feed promotions — has crossed into a new phase of scale and now encompasses retailers as a second advertiser demand source alongside CPGs.

<ul><li>Sacra estimates that Rohlik generated $1.47 billion (€1.3 billion) in revenue in 2025, representing approximately 36% year-over-year growth.</li><li>Management said the company achieved positive cash flow in Q4 2025 for the first time and expects full-year 2026 to be profitable.</li><li>Rohlik&#39;s broad 25,000+ SKU assortment positions the platform to capture full weekly grocery spending rather than competing only for convenience or top-up purchases.</li></ul>

Sacra estimates that Rohlik generated $1.47 billion (€1.3 billion) in revenue in 2025, representing approximately 36% year-over-year growth.Management said the company achieved positive cash flow in Q4 2025 for the first time and expects full-year 2026 to be profitable.Rohlik&#39;s broad 25,000+ SKU assortment positions the platform to capture full weekly grocery spending rather than competing only for convenience or top-up purchases.

<ul><li>Gopuff raised $250 million in November 2025 in a growth round led by Eldridge Industries and Valor Equity Partners that valued the company at $8.5 billion.</li><li>Gopuff runs a vertically integrated B2C instant commerce model, owning inventory, warehouses, and the customer relationship, and using independent contractors for last-mile delivery.</li><li>Fresh grocery represents Gopuff's largest TAM expansion opportunity, moving beyond the $41 billion US convenience store market into the $1 trillion grocery sector.</li></ul>

Gopuff raised $250 million in November 2025 in a growth round led by Eldridge Industries and Valor Equity Partners that valued the company at $8.5 billion.Gopuff runs a vertically integrated B2C instant commerce model, owning inventory, warehouses, and the customer relationship, and using independent contractors for last-mile delivery.Fresh grocery represents Gopuff's largest TAM expansion opportunity, moving beyond the $41 billion US convenience store market into the $1 trillion grocery sector.

<ul><li>Sacra estimates Swiggy hit $1.3B in revenue in 2023, up 36% year-over-year.</li><li>Swiggy has tailwinds from India&#39;s growing digital economy and rising consumer spending power.</li><li>Swiggy&#39;s core food delivery business still has significant room for growth as internet and smartphone penetration increases across India.</li></ul>

Sacra estimates Swiggy hit $1.3B in revenue in 2023, up 36% year-over-year.Swiggy has tailwinds from India&#39;s growing digital economy and rising consumer spending power.Swiggy&#39;s core food delivery business still has significant room for growth as internet and smartphone penetration increases across India.

<ul><li>Sacra estimates that Swiggy generated $1.3B of revenue in 2023, up 36% year-over-year.</li><li>The tough economics of food delivery in the Indian market led to competitors with lower market share like Uber Eats, Ola ($340M in 2023), Foodpanda, and TinyOwl shutting down or being acquired.</li><li>Swiggy's upside case hinges on becoming a "super app" for urban Indian consumers, integrating food delivery, grocery, and other on-demand services to capture a larger share of the $50B Indian food services market.</li></ul>

Sacra estimates that Swiggy generated $1.3B of revenue in 2023, up 36% year-over-year.The tough economics of food delivery in the Indian market led to competitors with lower market share like Uber Eats, Ola ($340M in 2023), Foodpanda, and TinyOwl shutting down or being acquired.Swiggy's upside case hinges on becoming a "super app" for urban Indian consumers, integrating food delivery, grocery, and other on-demand services to capture a larger share of the $50B Indian food services market.

Germany

Grocery delivery service using dark stores for 10-minute fulfillment in urban areas

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Primer: Instacart - 01 Jul 2026

Instacart is an on-demand grocery delivery platform that connects customers with personal shoppers.

Sacra

Primer: Rohlik - 26 Jan 2026

Online grocery delivery service offering a broad assortment of products with fast and reliable delivery

Sacra

Primer: Gopuff - 17 Nov 2025

Delivery app for convenience store items and groceries from urban dark stores

Sacra

Primer: Swiggy - 07 Dec 2024

App for food, grocery, and parcel delivery in urban Indian markets

Sacra

Swiggy At $1.3B Revenue

TL;DR: Sacra estimates that Swiggy generated $1.3B of revenue in 2023, up 36% year-over-year, as they race Zomato (NSE: ZOMATO, $1.66B revenue) to...

Sacra

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