Commodities

Online grocery delivery platform Instacart confidentially files for IPO in the U.S.


A shopper prepares fill his cart at a Giant supermarket in Washington, DC, April 6, 2020.Evelyn Hockstein/The Washington Post via Getty Images)Grocery delivery platform Instacart said late Wednesday it has filed a draft registration statement with the U.S. Securities and Exchange Commission (SEC), paving the way for the firm to list its shares.The grocery delivery company was valued at $39 billion in March 2021, when it raised $265 million. That made Instacart one of the most valuable venture-backed companies in the U.S. at that time.However, it said in March it was slashing its valuation by almost 40% to about $24 billion, to reflect this year’s sell-off in technology stocks.This development comes at a volatile time for tech stocks in the U.S. this year, with the Nasdaq tumbling nearly 30% from last November’s high.For Instacart, the last few years have been a roller-coaster. Faced with a challenging business model heading into 2020, the company got a major boost during the Covid-19 pandemic as many consumers cut trips to the supermarket and turned to online grocery orders.But twin concerns of accelerating inflation and projections for higher interest rates sent risky assets into a tailspin starting in November.Instacart, however, has said its business outlook remained strong. The company is trying to expand beyond its core marketplace, announcing this week a software suite to sell to supermarkets, along with a fulfillment service called Carrot Warehouses, which is intended to help grocers offer 15-minute delivery.— CNBC’s Annie Palmer contributed to this report.

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