After reportedly being prepped for an initial public offering (IPO) early in 2021, Instacart may be rethinking that plan.
"That will make it easier for investors to gauge how fast Instacart's business may grow following the pandemic," The Information wrote.
The publication also reported that Instacart is considering international expansion. As of now, the company operates in the U.S. and Canada. It is unclear where that expansion would take place and whether it would be organic or through acquisition.
Read: Instacart may say no to an IPO
In early March, Instacart announced the closing of a $265 million venture capital fundraise that valued the company at $39 billion. The round involved existing investors Andreessen Horowitz, Sequoia Capital, D1 Capital Partners, Fidelity Management & Research Co. LLC, and T. Rowe Price Associates Inc.
Instacart has completed 17 rounds of funding, according to Crunchbase, with a total of $2.65 billion raised. It completed three fundraising rounds in 2020, including a $200 million round in October, $100 million private equity round funded solely by T. Rowe Price in July and a $225 million round in June.
Instacart, which more than doubled its workforce in 2020 to over 500,000, was valued at $17.7 billion in October when it closed its most recent round. Prior to the pandemic, its valuation was $2.5 billion.
Click for more Modern Shipper articles by Brian Straight.
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