The grocery delivery company told employees in an internal memo Tuesday that its fourth-quarter revenue grew more than 50 per cent and gross profit increased more than 80 per cent year over year. Meanwhile, its full-year revenue reached US$2.5 billion in 2022, up 39 per cent, and its gross transaction volume, or the dollar amount of sales it processes, rose 16 per cent, according to people familiar with the matter. (The Wall Street Journal)

Talking point: The company, founded by University of Waterloo alumnus Apoorva Mehta, has long planned an initial public offering. It filed documents confidentially to the U.S. Securities and Exchange Commission last year, but later postponed it. It has since continued to update its financial information with regulators, sources told the Journal, meaning it remains ready to IPO when the time is right. The IPO market has stalled since last year, as economic conditions prompted investors to value profitability over growth at all costs. A market window has started to crack open and analysts expect strong businesses, ones with significant scale and profitability, to list first.