Instacart slashed its valuation by nearly 40% to about $24 billion due to recent market turbulence, underscoring the difficulties U.S. grocery delivery firms are facing as competition heats up, Reuters reports.
In March last year, when the coronavirus pandemic was raging and doorstep delivery boomed, Instacart was valued at $39 billion, doubling its valuation in less than six months. Rival Gopuff recorded a 69% jump in valuation to around $15 billion in July.
Instacart is considering going public through a direct listing, concerned that it could leave money on the table through a traditional initial public offering. Read more.
