[BENGALURU] US online grocery delivery company Instacart is in discussions to raise several hundred million dollars from existing and new investors, The Information reported on Tuesday, citing two people with knowledge of the situation.
One of them said the deal would put the privately held company's valuation at between US$12 billion and US$14 billion, according to the report, potentially doubling its valuation from US$7.87 billion in November 2018.
The company has around US$800 million in cash and it was still possible that it will decide not to go ahead with the deal, the report said, citing the source.
"Instacart doesn't comment on rumours or speculation, and remains focused on serving as a lifeline for customers and shoppers in the wake of Covid-19," the company said in a statement.
San Francisco-based Instacart has been on a hiring spree in recent weeks, as demand surges for grocery delivery services due to the pandemic forcing people to shop from home.