Instacart Cuts Valuation By 40%: Bloomberg

American grocery company Instacart Inc has slashed its valuation by 40% to about $24 billion, Bloomberg reported.
The food-delivery startup had been valued at $39 billion in its most recent fundraising round, the report added.
The pandemic darling hoped the move to boost talent retention.
Factors like higher interest rates, inflation, and a potential recession also have weighed on its valuation.
Instacart lets consumers order groceries online from a range of stores and boomed during the COVID-19 pandemic as people were forced to stay in.
The report further noted that, like Uber Technologies Inc (NYSE: UBER) and DoorDash Inc (NYSE: DASH), the company saw its growth stall as the pandemic began to wane.

Benzinga