Instacart has moved closer to a planned IPO after confidentially submitting a draft registration statement with the SEC on May 11, 2022, although specific details were not revealed.
While Instacart shared a valuation of $39 billion following a $265 million funding round in March 2021, by March 2022 the company had slashed its valuation by nearly 40% to approximately $24 billion, according to Bloomberg. Instacart, in a statement to CNN Business, said that the reduction was due to new market conditions.
“[We are] confident in the strength of our business, but we are not immune to the market turbulence that has impacted leading technology companies both public and private,” said a company spokesperson. “We can’t control the market, but we can control how we respond. Markets go up and down, but we are focused on Instacart’s long term opportunity to power the future of grocery with our partners.”
Also in March, Instacart marked its 10th year in business with the launch of the Instacart Platform, a suite of enterprise-grade technologies designed to help retailers find new ways to improve consumer experiences. Among the offerings is its upgraded fulfillment solution, Carrot Warehouses. In April 2022, Southeastern supermarket chain Publix became the first grocery retailer to implement the Carrot Warehouses fulfillment model, which includes 15-minute delivery times, starting with the Miami neighborhoods of Brickell, Coral Gables and Wynwood.View Original Article