Instacart cuts internal valuation to $10 bln- The Information

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.

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.