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 grocery technology platform, reported a solid second quarter of 2026 with gross transaction value (GTV) growing 14% year-over-year to $10.35 billion, driven primarily by increased monthly customers.</li><li>Total revenue rose 14% to $1.04 billion, supported by a 16% growth in advertising and other revenue, which outpaced GTV growth.</li><li>The company’s average order value increased 4% to $115, underlining deeper customer engagement.</li></ul>

Instacart, a leading grocery technology platform, reported a solid second quarter of 2026 with gross transaction value (GTV) growing 14% year-over-year to $10.35 billion, driven primarily by increased monthly customers.Total revenue rose 14% to $1.04 billion, supported by a 16% growth in advertising and other revenue, which outpaced GTV growth.The company’s average order value increased 4% to $115, underlining deeper customer engagement.

Instacart’s $10.35 Billion Grocery Engine: Can AI Push Growth Into A New Phase?

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>Instacart, the grocery technology platform, reported its first-quarter financial results for 2026, highlighting growth across its main business lines, operational efficiencies, and ongoing investments in innovation.</li><li>The company achieved gross transaction value (GTV) of $10.29 billion, marking a 13% year-over-year increase, driven primarily by a 10% growth in orders and a 3% rise in average order value.</li><li>Total revenue reached $1.02 billion, up 14%, supported by a 16% expansion in advertising and other revenue segments.</li></ul>

Instacart, the grocery technology platform, reported its first-quarter financial results for 2026, highlighting growth across its main business lines, operational efficiencies, and ongoing investments in innovation.The company achieved gross transaction value (GTV) of $10.29 billion, marking a 13% year-over-year increase, driven primarily by a 10% growth in orders and a 3% rise in average order value.Total revenue reached $1.02 billion, up 14%, supported by a 16% expansion in advertising and other revenue segments.

Instacart’s $10 Billion GTV Milestone: Can AI Turn Grocery Delivery Into A Bigger Platform?

<ul><li>Instacart has entered a new phase in its expansion strategy with the announced acquisition of Instaleap, a grocery enablement and fulfillment technology platform with operations across nearly 30 countries and relationships with close to 100 retailers and marketplaces outside North America.</li><li>The timing is notable.</li><li>Just as Instacart has been emphasizing that its future is no longer tied only to marketplace demand, but increasingly to enterprise software, retailer infrastructure, advertising, AI, and international expansion, Instaleap offers a ready-made bridge into those priorities.</li></ul>

Instacart has entered a new phase in its expansion strategy with the announced acquisition of Instaleap, a grocery enablement and fulfillment technology platform with operations across nearly 30 countries and relationships with close to 100 retailers and marketplaces outside North America.The timing is notable.Just as Instacart has been emphasizing that its future is no longer tied only to marketplace demand, but increasingly to enterprise software, retailer infrastructure, advertising, AI, and international expansion, Instaleap offers a ready-made bridge into those priorities.

Instacart Acquisition Could Open The Door To Billions In New Revenue!

<ul><li>Instacart's fourth quarter 2025 earnings results present a mixed picture of robust growth accompanied by strategic challenges and opportunities.</li><li>The company reported its strongest gross transaction value (GTV) growth in three years, reaching $9.85 billion—a 14% year-over-year increase.</li><li>This growth was driven by a 16% increase in orders, although average order value saw a slight decrease due to an uptick in restaurant orders.</li></ul>

Instacart's fourth quarter 2025 earnings results present a mixed picture of robust growth accompanied by strategic challenges and opportunities.The company reported its strongest gross transaction value (GTV) growth in three years, reaching $9.85 billion—a 14% year-over-year increase.This growth was driven by a 16% increase in orders, although average order value saw a slight decrease due to an uptick in restaurant orders.

Maplebear (Instacart): Embedding Grocery Into AI Platforms—Why Its Partnerships Could Matter More Than Delivery Volume!

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’s $10.35 Billion Grocery Engine: Can AI Push Growth Into A New Phase?

Instacart, a leading grocery technology platform, reported a solid second quarter of 2026 with gross transaction value (GTV) growing 14%...

Baptista Research

Primer: Instacart - 01 Jul 2026

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

Sacra

Instacart’s $10 Billion GTV Milestone: Can AI Turn Grocery Delivery Into A Bigger Platform?

Instacart, the grocery technology platform, reported its first-quarter financial results for 2026, highlighting growth across its main business...

Baptista Research

Instacart Acquisition Could Open The Door To Billions In New Revenue!

Instacart has entered a new phase in its expansion strategy with the announced acquisition of Instaleap, a grocery enablement and fulfillment...

Baptista Research

Maplebear (Instacart): Embedding Grocery Into AI Platforms—Why Its Partnerships Could Matter More Than Delivery Volume!

Instacart's fourth quarter 2025 earnings results present a mixed picture of robust growth accompanied by strategic challenges and...

Baptista Research

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