Evelyn Hockstein/The Washington Post via Getty Images)
The grocery delivery company was valued at $39 billion in March 2021, when it raised $265 million. That made Instacart one of the most valuable venture-backed companies in the U.S. at that time.
However, it said in March it was slashing its valuation by almost 40% to about $24 billion, to reflect this year’s sell-off in technology stocks.
This development comes at a volatile time for tech stocks in the U.S. this year, with the Nasdaq tumbling nearly 30% from last November’s high.
Original news source Credit: www.cnbc.com