10 Best Young Stocks To Buy Now

3. Maplebear Inc. (NASDAQ:CART)

Market Cap as of September 26: $10.37 billion

Number of Hedge Fund Holders: 56

Maplebear Inc. (NASDAQ:CART) is a delivery company that operates a grocery delivery and pick-up service in the US and Canada accessible via a website and mobile app. Its app allows users to browse a wide selection of products from various grocery stores, place orders, and have groceries delivered to their doorstep.

In 2023, the company had 14 million active users and a 73% market share in US digital grocery sales. Its grocery delivery business is less cyclical than other eCommerce companies. Its ability to add retailers to its platform expands its delivery network and improves customer satisfaction.

Currently, the company serves households in the US and Canada, partnering with 1,500+ retailers and 85,000+ stores, representing 85% of the US grocery market. Customers in 14,000 North American cities can choose from 1 billion products on Maplebear Inc. (NASDAQ:CART), with 25% of priority orders delivered in under 30 minutes. In Q2 2024, it served 25 million+ customers, fulfilling 70.8 million orders, up 7% year-over-year. Revenue for this period was $823 million.

It is exploring new technologies, including Caper Carts, which can weigh and price items in grocery carts, allowing customers to bypass the checkout process. It has partnered with Aldi on this initiative, and if successful, Caper Carts could become more widely adopted in the market.

It also partnered with Uber to deliver food and launched e-commerce storefronts for 30 retailers. Additionally, it partnered with HVN Travel Group and PetSmart to offer a wider product range.

The company’s overall growth is driven by increasing orders, a consistent factor in the company’s performance. For this reason, it’s also one of our top best young stocks to buy now.