– U.S. grocery delivery company Instacart slashed its valuation by nearly 40% to about $24 billion, the company said on Thursday, citing recent market turbulence.
The company, a pandemic darling as doorstep delivery boomed, was valued at $39 billion in a funding round in March last year, doubling its valuation in less than six months.

“We are not immune to the market turbulence that has impacted leading technology companies – both public and private,” said an Instacart spokesperson.

The San Francisco-based startup, whose investors include Andreessen Horowitz and Sequoia Capital, hopes the move will help it attract and retain talent in a tight U.S. labor market by aligning new equity awards with the updated valuation.

Reuters had exclusively reported last year that Instacart is considering going public through a direct listing, concerned that it could leave money on the table through a traditional initial public offering.

The decision to slash valuation was first reported by Bloomberg News.

Instacart launched “Instacart platform” on Wednesday to give retailers access to the company’s consumer marketplace.

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