Instacart is playing games with its workers’ pay
They have tens of thousands of customers, yet are worth multiple billions of dollars (valued at $2bn in 2015.)That's just incredible.Let's say they have 100k customers who each use the service every week. That's 5.2m orders per year.Let's say $100 per order, to be generous. At a 10% service fee, that's $50m for a two-year-old 40x revenue multiple. Before paying their contracted workforce.This does not make sense.EDITWhat I'm really getting at is that these are optimistic numbers, in the wealthiest country in the world, that just elected a populist president (partially) due to economic insecurity.What is the market for +10% on groceries and basic necessities?EDIT2It may be tens of thousands of contractors, not customers (thanks @trevyn!) This is confusing, since I'm not sure what verb to use for the end user on Instacart. ("I am _______ on Instacart" (consuming, shopping, grocing?))Regardless, my number could be an order of magnitude off. I stand by the conclusion.