Instacart cuts internal valuation another 20%: report
Instacart boomed during the pandemic as products were ordered to be delivered as people stayed home
The grocery delivery startup Instacart has reportedly slashed its internal valuation another 20% to $10 billion, according to two people and reported by The Information.
That valuation is down 20% from an October valuation of $13 billion, and even further off the $39 billion valuation reported last year.
The company first cut it by 40% in March to $24 billion.
When asked for comment, an Instacart spokesperson said they couldn't provide an on the record comment due to the quiet period.
INSTACART FILES CONFIDENTIALLY FOR IPO
Close-up of Instacart lanyard, typically worn by workers for the gig economy grocery delivery service. ((Photo by Smith Collection/Gado/Getty Images / Getty Images)
Instacart took a major step toward becoming a publicly traded company earlier this year when it confidentially filed documents for an initial public offering (IPO) with U.S. securities regulators.
It was expected that Instacart would go public sometime in 2022, but in October the company pushed back those plans to the new year, according to the New York Times.
An Instacart logo seen displayed on a smartphone with fruits and a market in the background. (Photo Illustration by Thiago Prudencio/SOPA Images/LightRocket via Getty Images / Getty Images)
INSTACART SLASHES ITS VALUATION BY ALMOST 40% TO $24B: REPORT
Instacart became a pandemic-related darling, best known as an app that lets consumers order groceries online from a range of stores.