Instacart cuts internal valuation to US$10b: The Information

GROCERY delivery start-up Instacart has cut its internal valuation to US$10 billion, the Information reported on Tuesday, citing two people familiar with the situation. The company, whose new valuation is 20 per cent lower from US$13 billion in October, has been cutting its valuation this year, beginning with a 40 per cent 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 US$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. REUTERS