Instacart cuts internal valuation to $10 billion

Grocery delivery start-up Instacart cut its internal valuation to $10 billion, the Information reported on Tuesday, citing two people familiar with the situation.

The company’s new valuation is 20% lower than its previous valuation of $13 billion in October, and it has been cutting its valuation this year, beginning with a 40% reduction in March. Instacart did not immediately respond to a request for comment on the report from Reuters. The COVID-19 pandemic darling was valued at $39 billion last year as rising infections increased doorstep deliveries, but recent valuation cuts highlight the effects of public market volatility on high-flying private companies.