Instacart seeks $10 billion valuation amid industry woes: WSJNew York, Sept 10 (AFP) Sep 10, 2023US grocery delivery startup Instacart is seeking a valuation of under $10 billion as it goes public later this month, the Wall Street Journal reported Sunday, substantially less than its $39 billion valuation in 2021. The valuation -- which the company is targeting at $8.6 to $9.2 billion -- could change between now and then as the company receives investor feedback, the Journal reported. Founded in 2012, the venture capital backed startup saw its business soar early in the coronavirus pandemic as people avoided grocery stores due to the risks from Covid-19. In recent years Instacart has put a focus on orders being ready for pickup at grocery stores instead of being dropped off at customers' doors. Maplebear Inc., which does business as Instacart, filed to become a publicly traded company on August 25.

Source: Wall Street Journal September 10, 2023 21:02 UTC