- 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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