Instacart Inc. on late Thursday cut its valuation by nearly 40 percent to about $24 billion due to recent market turbulence, in an unusual move that shows how public market volatility affects high-flying private companies.
The new valuation marks a substantial drop from last March, when the grocery delivery firm was valued at $39 billion in a $265 million funding round from existing investors including Andreessen Horowitz and Sequoia Capital, as doorstep delivery boomed amid the coronavirus pandemic.
