[ajhit406]

Investment at 200x MRR for such a low margin business is extremely overvalued IMO. The only case for that type of multiple is if instacart grew more than 100% YoY (which they probably did).

Also of note and let's not forget -- $100M 2014 revenues are the "groupon-esque" pass through revenues -- Whole Foods, Safeway, etc... are also booking these as revenue.

Remember when Groupon, on the eve an IPO, cut it's reported revenue in half? Yeah, only a $300,000,000 difference.

> "On Friday, Groupon said it would change what it books as revenue after discussions with the Securities and Exchange Commission. It will now only count as revenue its commission on sales, rather than the total value of an online coupon."

http://www.wsj.com/articles/SB100014240531119037915045765892...