Shulou(Shulou.com)11/24 Report--

Sina Science and Technology News Beijing time on October 17 morning news, according to reports, insiders revealed that the US fresh e-commerce giant Instacart will lower its valuation to about $13 billion, and does not plan to conduct a much-anticipated public listing until market conditions improve.

The company adjusted its share price to $38, the third time it has lowered its valuation this year, according to people familiar with the matter. The people familiar with the matter spoke on condition of anonymity because the matter was an internal affair of the company. In March, Instacart cut its valuation by nearly 40% to $24 billion, and again to $15 billion in July.

The new valuation was announced at a regular staff meeting on Thursday. At the meeting, executives said that the changing market environment was the reason for adjusting valuations. The company's leadership also reiterated its intention to go public, stressing that the company's business fundamentals are healthy and ready for the milestone, but are waiting for the best listing window, people familiar with the matter said.

A spokesman for Instacart declined to comment.

Instacart was founded in 2012 and headquartered in San Francisco. The company secretly filed for a listing in May and plans to focus on selling shares in its employees so that its first batch of employees and other employees can cash out, according to people familiar with the matter.

The company's latest valuation is nearly 67 per cent lower than its 2021 valuation of $39 billion. At that time, Instacart from Anderson Horowitz Fund (Andreessen Horowitz), Sequoia Capital (Sequoia Capital), venture capital firm D1 Capital Partners, Fidelity Management Research (Fidelity Management & Research Co.) and T. Rowe Price Associates Inc. Wait for investors to get 265 million dollars in financing.

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