© Reuters. FILE PHOTO: The smartphone with the Instacart logo shown in this illustration was taken on March 25, 2022. REUTERS/Dado Ruvic/Illustration
(Reuters) – Grocery delivery startup Instacart slashed its internal valuation to $10 billion, The Information reported on Tuesday, citing two people familiar with the situation.
The company, which has a new valuation 20 percent below its $13 billion in October, has slashed its valuation this year, starting with a 40 percent drop in March.
Instacart did not immediately respond to Reuters’ request for comment on the report.
The darling of the COVID-19 pandemic was valued at $39 billion last year, as rising infections boosted door-to-door deliveries, but recent valuation cuts show the impact of the fall. Mass market volatility for private companies is thriving.
The startup also delayed its much-awaited IPO this year amid market uncertainty.