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 $3.63B in revenue over the trailing twelve months as of September 2025, up from $3.37B as of the end of 2024.</li><li>The company turned profitable with $457M in net income in 2024 (versus -$1.622B in 2023, which included large one-time items) and $366M in net income for the first nine months of 2025.</li><li>Instacart operates in the online grocery delivery market, competing across both marketplace and infrastructure segments while facing pressure from vertically integrated retailers and quick commerce startups.</li></ul>

Instacart generated $3.63B in revenue over the trailing twelve months as of September 2025, up from $3.37B as of the end of 2024.The company turned profitable with $457M in net income in 2024 (versus -$1.622B in 2023, which included large one-time items) and $366M in net income for the first nine months of 2025.Instacart operates in the online grocery delivery market, competing across both marketplace and infrastructure segments while facing pressure from vertically integrated retailers and quick commerce startups.

<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&#39;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&#39;s largest TAM expansion opportunity, moving beyond the $41 billion US convenience store market into the $1 trillion grocery sector.

<ul><li>Rapido's most recent funding was a $15 million Series E extension in June 2025, with existing investors participating.</li><li>Rapido currently operates in 270+ cities and targets 500 cities by late 2025.</li><li>Bike taxi operations face inconsistent regulations across Indian states, with some jurisdictions such as Delhi and Karnataka implementing periodic bans.</li></ul>

Rapido's most recent funding was a $15 million Series E extension in June 2025, with existing investors participating.Rapido currently operates in 270+ cities and targets 500 cities by late 2025.Bike taxi operations face inconsistent regulations across Indian states, with some jurisdictions such as Delhi and Karnataka implementing periodic bans.

<ul><li>Sacra estimates Swiggy hit $1.3B in revenue in 2023, up 36% year-over-year.</li><li>Swiggy's contribution margin has shown improvement, indicating progress towards profitability.</li><li>Swiggy is valued at $11.3B as of early 2024, with recent investments from BlackRock and Canada Pension Plan Investment Board.</li></ul>

Sacra estimates Swiggy hit $1.3B in revenue in 2023, up 36% year-over-year.Swiggy's contribution margin has shown improvement, indicating progress towards profitability.Swiggy is valued at $11.3B as of early 2024, with recent investments from BlackRock and Canada Pension Plan Investment Board.

India

Swiggy Limited operates an online easy-to-use food ordering application. The Company offers platform that allows users to browse, select, order, and pay for food, grocery, and household items delivered to their doorstep through on-demand delivery partner network. Swiggy serves customers in India.

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Swiggy (SWIGGY IN)

Primer: Instacart - 20 Apr 2026

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

Sacra

Primer: Gopuff - 17 Nov 2025

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

Sacra

Primer: Rapido - 12 Nov 2025

Ride-hailing platform offering bike taxis, auto rickshaws, cabs, and local parcel delivery services

Sacra

Primer: Swiggy - 07 Dec 2024

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

Sacra

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