Online grocery delivery company Instacart slashed its valuation after a pandemic boon as COVID cases continue to decline.
Instacart's valuation doubled twice to $39 billion in the first year of the public health crisis, fueled by a pandemic boon to its on-demand grocery delivery business. Now it's falling back to earth.
Instacart cited Shopify, Meta, and DoorDash, whose stocks are all down significantly from their high points in the past year. Separately, the company acknowledged in late February that its marketplace was stabilizing after a busy holiday season atop the pandemic-fueled demand. The company said at that time that orders grew 30% last year from the year prior, and that demand remains high.
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