instacartSagar Shanghvi, Chief Financial Officer, has left the on-demand grocery delivery company after nearly six years and is returning to his investing roots. Notably, Sanghvi has joined excel As a partner focused on global Growth-stage consumer and enterprise investment.
Prior to becoming Instacart’s CFO, Sanghvi served as the company’s vice president of finance and strategy. Interestingly, when he became the CFO of Instacart in 2019, he was replacing Ravi Gupta, who had left the company. To join Sequoia Capital As a partner in your development team.
Sanghvi and Gupta work together as investors in KKR Sanghvi worked as an analyst for Goldman Sachs), so it’s notable that he’s following a similar career path working first in finance and then becoming an operator before transitioning to VC roles. Both joined Instacart in 2015. And it is Gupta who introduced Sanghvi to Excel Miles Clements Many years ago.
When Sanghvi joined Instacart, he had around 300 employees. By the time he left earlier this year, their numbers had grown to over 1,500.
“I have gone through a roller coaster of ups and downs along the way. It was a classic Silicon Valley trip. During my time there, some crazy things happened,” he told Nerdshala. “Amazon bought Whole Foods. We experienced the COVID pandemic and the lockdown, which led to an amazing wave of demand. It was an interesting time to navigate the company. “
And while Shanghvi says he would certainly see a business “smaller than the world being post-COVID”, it was a time he learned a lot to help the company grow.
One of the things Shanghvi worked on during his time at Instacart was a $200 million venture round in October 2020, valuing the company at $17.7 billion. (It has since raised another $265 million at a valuation of $39 billion.) In fact, during his tenure, the company raised more than $2 billion.
But now, Sanghvi will be investing in a round of other companies — out of Accel’s Palo Alto office.
While his Instacart experience is clearly relevant to the consumer space, Sanghvi said he will not only work with consumer-focused startups, but a lot of enterprise solutions as well.
He told Nerdshala, “One of the things that attracted me to Miles and the team was the experience and success.
Clements praised Sanghvi, described as “humility and versatility”.
“He has done everything from raising $2 billion in capital to valuing back office automation software. He has led a company that is well on its way to becoming an iconic consumer brand, but he has also been a media investor in KKR Clements said. “He guided Instacart through some of the most recent massive fundraising, but only because it has also helped them navigate through some past existential challenges. So he brings a lot of natural sympathy to founders and entrepreneurs. “
For his part, Sanghvi is eager to start investing as part of the Excel team.
When deciding to delve into the enterprise world, he said, he was looking for a “very well-known brand” that had investments at all stages. He found that in Excel, he said.
Sanghvi told Nerdshala, “One of the things that was important to me was finding the type of people who really care about the success of companies, and in everyone I met at Excel, I could see that they took that responsibility. taken very seriously.”
He officially debuted in his new role last week, so as I’m typing, he’s actively scrapping investments.