Instacart has cut its valuation to about $13 billion, marking the third time this year the company has lowered its valuation, The Information and Bloomberg reported, citing unnamed sources familiar with the matter. Instacart declined to comment.
Instacart previously cut its valuation by nearly 40% to $24 billion in March and then to $15 billion in July, according to Barron’s.
This third cut precedes Instacart’s plans to go public and comes at a time when technology companies are grappling with a challenging economic landscape.
Source: Grocery Dive
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