Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Instacart, a leading platform in the online grocery and technological enablement space, reported robust third-quarter 2025 financial performance marked by significant growth across its various business segments.</li><li>The company has demonstrated substantial progress in both operational and financial parameters, indicating a strong positioning within the grocery industry.</li><li>However, it also faces certain challenges and uncertainties that are significant to consider for any investment thesis.</li></ul>

Instacart, a leading platform in the online grocery and technological enablement space, reported robust third-quarter 2025 financial performance marked by significant growth across its various business segments.The company has demonstrated substantial progress in both operational and financial parameters, indicating a strong positioning within the grocery industry.However, it also faces certain challenges and uncertainties that are significant to consider for any investment thesis.

Instacart: Can Its Bold Embedded Marketplace Strategy Reshape the Entire Retail Ecosystem?

<ul><li>Instacart's recent earnings call highlighted several key aspects of the company's performance and strategic outlook.</li><li>The company reported robust growth in its core marketplace, enterprise technology offerings, and advertising ecosystem during the third quarter of 2025.</li><li>This positioning is underpinned by a focus on customer satisfaction through product affordability, enterprise expansion, and advertising innovations.</li></ul>

Instacart's recent earnings call highlighted several key aspects of the company's performance and strategic outlook.The company reported robust growth in its core marketplace, enterprise technology offerings, and advertising ecosystem during the third quarter of 2025.This positioning is underpinned by a focus on customer satisfaction through product affordability, enterprise expansion, and advertising innovations.

Instacart Just Got Ambushed: Amazon’s 30-Minute Grocery Move Changes Everything!

<ul><li>Instacart's second quarter of 2025 financial results demonstrated significant progress and dynamism across key metrics, driven by both strategic initiatives and technological advancements.</li><li>The company exhibited strong growth in several areas, with gross transaction value (GTV) growing 11% year-over-year, driven by a 17% increase in orders.</li><li>However, this growth was slightly offset by a 5% decline in average order value, attributed to the incorporation of restaurant orders and a lower basket minimum for Instacart+ members.</li></ul>

Instacart's second quarter of 2025 financial results demonstrated significant progress and dynamism across key metrics, driven by both strategic initiatives and technological advancements.The company exhibited strong growth in several areas, with gross transaction value (GTV) growing 11% year-over-year, driven by a 17% increase in orders.However, this growth was slightly offset by a 5% decline in average order value, attributed to the incorporation of restaurant orders and a lower basket minimum for Instacart+ members.

Maplebear’s (Instacart) AI Efficiencies Are Growing—Can Faster Deliveries Positively Change Consumer Behavior In Their Favor?

<ul><li>Instacart's first quarter financial results for 2025 highlight both growth opportunities and challenges as the company seeks to expand its footprint in the online grocery market.</li><li>The adoption of online grocery services remains a key growth area, with Instacart reaching 98% of households in North America.</li><li>Despite the ongoing macroeconomic uncertainties, consumer behavior has not shifted unexpectedly, maintaining robust demand across various retail categories.</li></ul>

Instacart's first quarter financial results for 2025 highlight both growth opportunities and challenges as the company seeks to expand its footprint in the online grocery market.The adoption of online grocery services remains a key growth area, with Instacart reaching 98% of households in North America.Despite the ongoing macroeconomic uncertainties, consumer behavior has not shifted unexpectedly, maintaining robust demand across various retail categories.

Maplebear Inc (Instacart): A Focus On Enhanced Shopper Efficiency & Experience & Other Major Drivers!

<ul><li>Instacart reported solid financial and operational results, demonstrating continued growth in its grocery and nongrocery segments.</li><li>The company achieved a 10% year-over-year increase in Gross Transaction Volume (GTV), driven by an 11% increase in orders.</li><li>However, a 1% decline in average order value, primarily due to the expansion into restaurant deliveries, tempered the overall GTV growth rate.</li></ul>

Instacart reported solid financial and operational results, demonstrating continued growth in its grocery and nongrocery segments.The company achieved a 10% year-over-year increase in Gross Transaction Volume (GTV), driven by an 11% increase in orders.However, a 1% decline in average order value, primarily due to the expansion into restaurant deliveries, tempered the overall GTV growth rate.

Maplebear (Instacart): Is The Solid Growth of Instacart Plus Memberships Expected To Last?

United States

Instacart Inc. provides online grocery shopping services. The Company allows customers to select groceries through an online application platform from various retailers and have them delivered by personal shoppers. Instacart serves customers in the United States.

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Instacart (CART US)

Instacart: Can Its Bold Embedded Marketplace Strategy Reshape the Entire Retail Ecosystem?

Instacart, a leading platform in the online grocery and technological enablement space, reported robust third-quarter 2025 financial performance...

Baptista Research

Instacart Just Got Ambushed: Amazon’s 30-Minute Grocery Move Changes Everything!

Instacart's recent earnings call highlighted several key aspects of the company's performance and strategic outlook. The company reported robust...

Baptista Research

Maplebear’s (Instacart) AI Efficiencies Are Growing—Can Faster Deliveries Positively Change Consumer Behavior In Their Favor?

Instacart's second quarter of 2025 financial results demonstrated significant progress and dynamism across key metrics, driven by both strategic...

Baptista Research

Maplebear Inc (Instacart): A Focus On Enhanced Shopper Efficiency & Experience & Other Major Drivers!

Instacart's first quarter financial results for 2025 highlight both growth opportunities and challenges as the company seeks to expand its...

Baptista Research

Maplebear (Instacart): Is The Solid Growth of Instacart Plus Memberships Expected To Last?

Instacart reported solid financial and operational results, demonstrating continued growth in its grocery and nongrocery segments. The company...

Baptista Research

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