Is DoorDash Buying Instacart? What the Reported Exclusive Talks Show

DoorDash is in exclusive talks to acquire Instacart, according to Semafor, which cited people familiar with the matter. The sources cautioned that a deal is far from certain and the talks could still collapse.

If the companies did combine, it would join Instacart's grocery-focused service with DoorDash's restaurant-focused one, creating what Semafor called a home-delivery giant. Here is what is known so far.

What has been reported about the talks?

Semafor reported that DoorDash and Instacart are negotiating on an exclusive basis. The outlet could not determine what price is under discussion or how a transaction would be structured. Instacart declined to comment, and DoorDash did not immediately respond to a request for comment, according to Semafor.

The Information first reported that Instacart was running a sale process. It also reported that Uber was interested in buying the company, but Bloomberg later reported that Uber's interest had cooled, Semafor said.

How big would a deal be?

Semafor put Instacart's current valuation at roughly $12 billion. It said a buyer paying a conservative premium would likely have to pay around $15 billion. DoorDash, by comparison, has a market capitalization of roughly $75 billion, according to the outlet. These are Semafor's estimates, not terms of any agreed deal.

Has DoorDash tried this before?

Yes. Semafor reported that DoorDash bid for Instacart in 2021, but at a significantly higher valuation. Those talks fell apart over price and concerns about pushback from antitrust regulators. Semafor said neither of those obstacles applies in the same way today.

Why does antitrust timing matter?

According to Semafor, the companies would likely not face antitrust problems under the Trump administration, which has taken a light-touch approach to other mergers. The outlet added that dealmakers expect that window to close or at least shift if Democrats succeed in elections next month. Semafor said senior Democrats have already said they would look into antitrust approvals and deals that have already closed.

That political backdrop is the outlet's framing of how dealmakers see the timing. Neither company has commented on regulatory strategy, according to the report.

Why it matters for shoppers, restaurants and the delivery market

For consumers, the practical question is whether the two services that many people use separately for groceries and restaurant meals would end up under one owner. Semafor described the platforms as complementary: one centered on grocery stores, the other on restaurants. The report does not say how an acquisition might affect prices, fees, apps or the workers and stores that use them, and no such changes have been announced.

The report also places the talks in a competitive market. Semafor said grocery and home delivery faces stiff competition chiefly from Amazon and Walmart, and that Walmart has pressured conventional grocers for years. A combined DoorDash and Instacart would be positioned against those rivals, the outlet suggested.

What happens next?

Nothing is final. Semafor's sources said the talks could still fall apart, and neither company has confirmed them. Any agreement would also have to clear regulatory review, the shape of which could depend on the outcome of next month's elections, according to the dealmakers Semafor described.

Around Prague, based on reporting by Semafor