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!

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>Sacra estimates that GrubMarket generated $2B in revenue in 2024, up 11% year-over-year from $1.8B in 2023.</li><li>GrubMarket now operates in all 50 U.S. States and has a global presence in Argentina, Canada, Chile, Colombia, Egypt, India, Mexico, South Africa, and Spain.</li><li>In February 2026, GrubMarket raised a Series H of approximately $50 million at a $4.5 billion pre-money valuation.</li></ul>

Sacra estimates that GrubMarket generated $2B in revenue in 2024, up 11% year-over-year from $1.8B in 2023.GrubMarket now operates in all 50 U.S. States and has a global presence in Argentina, Canada, Chile, Colombia, Egypt, India, Mexico, South Africa, and Spain.In February 2026, GrubMarket raised a Series H of approximately $50 million at a $4.5 billion pre-money valuation.

<ul><li>Sacra estimates Weee! hit $1.013B in revenue in 2024, representing 25% year-over-year growth from $810M in 2023.</li><li>In February 2026, CEO Larry Liu confirmed annualized revenue had recently surpassed $1B and that the company expects to sustain 30-40% annual growth for the next 5-10 years.</li><li>The company maintains healthy unit economics with 25-30% gross margins, significantly higher than traditional grocery retailers&#39; 15-20% margins.</li></ul>

Sacra estimates Weee! hit $1.013B in revenue in 2024, representing 25% year-over-year growth from $810M in 2023.In February 2026, CEO Larry Liu confirmed annualized revenue had recently surpassed $1B and that the company expects to sustain 30-40% annual growth for the next 5-10 years.The company maintains healthy unit economics with 25-30% gross margins, significantly higher than traditional grocery retailers&#39; 15-20% margins.

Legendary Foods / Private Capital Markets

<ul><li>Legendary Foods generated $123M of revenue through August 2025, on track for $180M for the year, up 63% year-over-year.</li><li>Ron Penna waited out his 3-year non-compete before launching Legendary Foods as a line of high-protein, low-carb versions of junk foods.</li><li>Expanding from fitness-focused DTC into mass retail distribution across 100,000+ locations, Sacra estimates Legendary Foods generated $123M of revenue through August 2025, on track for $180M for the year.</li></ul>

Legendary Foods generated $123M of revenue through August 2025, on track for $180M for the year, up 63% year-over-year.Ron Penna waited out his 3-year non-compete before launching Legendary Foods as a line of high-protein, low-carb versions of junk foods.Expanding from fitness-focused DTC into mass retail distribution across 100,000+ locations, Sacra estimates Legendary Foods generated $123M of revenue through August 2025, on track for $180M for the year.

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

Primer: GrubMarket - 10 Aug 2026

B2B marketplace and software for food suppliers, grocers, and restaurants

Sacra

Primer: Weee! - 27 Apr 2026

Online grocery store for Asian and ethnic foods with direct sourcing and delivery

Sacra

$180M/year Protein Poptart

TL;DR: The protein food market is entering its biotech era as companies like Legendary Foods & David use proprietary fat substitutes to create...

Sacra

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