Earlier this year, Instacart’s chief financial officer Sagar Sanghvi departed from the on-demand grocery delivery company after practically six years. And now he’s returning to his investing springs. Exclusively, Sanghvi has joined Accel as a partner focused on world growth-stage consumer and enterprise investments.
Prior to becoming CFO of Instacart, Sanghvi served as the company’s vice president of finance and strategy. Interestingly, where reference is became CFO of Instacart in 2019, he was succeeding Ravi Gupta, who left the company to join Sequoia Capital as a partner on its increment team.
Sanghvi and Gupta worked together as investors at KKR( after Sanghvi work here as an specialist for Goldman Sachs ), so it is notable they are following same vocation routes of first working in finance and then turn hustlers before transitioning into VC personas. Both assembled Instacart in 2015. And Gupta is the one who innovated Sanghvi to Accel’s Miles Clements years ago.
When Sanghvi participated Instacart, it had approximately 300 works. By the time he’d left the beginning of this year, it had more than 1,500.
“I’ve been through fairly the roller coaster of ups and downs along the way. It was the classic Silicon Valley journey. During my experience there, a few crazy things happened, ” he told TechCrunch. “ Amazon bought Whole Foods. We knew the COVID pandemic and lockdowns, which led to an amazing ripple of necessitate. It was an interesting time to be navigating the company.”
And while Sanghvi says he would definitely rather determine a business be smaller “than have COVID happen to the world, ” it was a time where he learned a lot in curing develop the company.
One of the things Sanghvi worked on during his time at Instacart was a $ 200 million crusade round in October 2020 that valued the company at $17.7 billion.( Since then it raised another $265 million at a $39 billion valuation .) In fact, during his tenure, the company collected more than$ 2 billion.
But now, Sanghvi will be the one the investments in other companies’ rounds — out of Accel’s Palo Alto office.
While his Instacart experience is clearly relevant to the consumer space, Sanghvi said he’ll be working with not just consumer-focused startups, but also a lot of enterprise solutions.
” One of the things that attracted me to Miles and the team was the experience and success Accel as a house has had investing in all different types of companionships within the technology sphere and so I’m hoping to diversify my experience ,” he told TechCrunch.
Clements admired what he described as Sanghvi’s “humility and versatility.”
“He’s doing the things that from collecting$ 2 billion of fund to being in the minutiae of evaluating back office automation software. He has led a company that is on its way to being an iconic customer symbol, but he’s too been a media investor at KKR, ” Clements said. “He leader Instacart through some massive recent fundraises but merely because he has also helped navigate through some previous existential challenges. So he draws a lot of natural feeling to founders and entrepreneurs.”
For his part, Sanghvi is eager to start investing for the purposes of the Accel team.
When deciding to move to the venture world, he said, he was looking for a “very well-known brand” that endowed across at all stages. He found that in Accel, he said.
“One of the things that was important to me was to find the type of people who really care about the success of business, and in every person I met at Accel, I could see they made that responsibility very seriously, ” Sanghvi told TechCrunch.
He officially started in his new role last week, so he’s actively scoping out assets as I type.
Read more: feedproxy.google.com