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 UBER and DoorDash Inc DASH, the company saw its growth stall as the pandemic began to wane.
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