Pandemic Favorite Instacart Cuts Jobs, Expenses Ahead Of IPO

Pandemic Favorite Instacart Cuts Jobs, Expenses Ahead Of IPO

 


  • Grocery delivery company Instacart Inc has resorted to job cuts and imposing expense curbs ahead of its Initial Public Offering.

  • The company has fired some of its more than 3,000 workers after holding mid-year performance reviews, Reuters reported.

  • It had previously slashed its valuation by 40% to about $24 billion keeping in mind higher interest rates, inflation, and a potential recession.

  • Instacart had filed with the U.S. securities regulator to go public in May 2022.

  • The company had then been thinking to go public before the end of 2022, even though volatility in the market remained high.

  • Last week, Instacart reportedly said it would focus on selling employees' shares in its U.S. IPO without the intention of raising much capital for the company.

  • The company's business surged during the pandemic, and growth has slowed as people return to in-store shopping.

  • Photo Via Company

    Correction 9.26.2022: 
     The company has fired some of its more than 3,000 workers after holding mid-year performance reviews, not all 3,000 as originally stated.


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