Instacart Inc on late Thursday cut its valuation by nearly 40% to about $24 billion due to recent market turbulence, in an unusual move that shows how public market volatility affects high-flying private companies.
The new valuation marks a substantial drop from last March, when the grocery delivery firm was valued at $39 billion in a $265 million funding round from existing investors including Andreessen Horowitz and Sequoia Capital, as the coronavirus pandemic was raging and doorstep delivery boomed.
"We are not immune to the market turbulence that has impacted leading technology companies - both public and private," said an Instacart spokesperson.
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