Instacart cuts internal valuation to $10 billion- The Information

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Illustration shows Instacart logo

(Reuters) – Grocery delivery start-up Instacart has cut its internal valuation to $10 billion, the Information reported on Tuesday, citing two people familiar with the situation.

The company, whose new valuation is 20% lower from $13 billion in October, has been cutting its valuation this year, beginning with a 40% reduction in March.

Instacart did not immediately respond to a Reuters’ request for comment on the report.

The COVID-19 pandemic darling was valued at $39 billion last year, as surging infections boosted doorstep deliveries, but the recent cuts in its valuation underscore the effects of public market volatility on high-flying private companies.

The start-up also delayed its much awaited IPO this year amid market uncertainty.

(Reporting by Akanksha Khushi in Bengaluru; editing by Uttaresh.V)

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