Instacart cuts internal valuation to $10 billion- The Information

FILE PHOTO: Smartphone with displayed Instacart logo is seen in this illustration taken March 25, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) - Grocery delivery start-up Instacart has cut its internal valuation to $10 billion, the Information reported on Tuesday, citing two people familiar with the situation.

The company, whose new valuation is 20% lower from $13 billion in October, has been cutting its valuation this year, beginning with a 40% reduction in March.