Instacart to target reduced valuation of $8.6 billion to $9.3 billion in IPO, reports say.
Instacart's valuation could still change as it sets out to market its IPO to investors, the WSJ report said, but the initial figures reflect a striking departure from what the company was worth in the past. As public stocks dipped around March of last year, Instacart cut its valuation from $39 billion to $24 billion. The valuation reportedly fell by another 50% by late 2022.
Instacart's business boomed during the Covid-19 pandemic as consumers tried to avoid crowded public places. But as shoppers returned to stores, profitability has proved to be a persistent challenge. According to the company's website, Instacart shoppers and drivers deliver goods in over 5,500 cities from more than 40,000 grocers and other stores.
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