Instacart Cuts Valuation By 40%: Bloomberg

American grocery company Instacart Inc has slashed its valuation by 40% to about $24 billion, Bloomberg reported.
The food-delivery startup had been valued at $39 billion in its most recent fundraising round, the report added.
The pandemic darling hoped the move to boost talent retention.
Factors like higher interest rates, inflation, and a potential recession also have weighed on its valuation.
Instacart lets consumers order groceries online from a range of stores and boomed during the COVID-19 pandemic as people were forced to stay in.
The report further noted that, like Uber Technologies Inc UBER and DoorDash Inc DASH, the company saw its growth stall as the pandemic began to wane.