The grocery delivery startup Instacart has reportedly slashed its internal valuation another 20% to $10 billion, according to two people and reported by The Information.
That valuation is down 20% from an October valuation of $13 billion, and even further off the $39 billion valuation reported last year.
The company first cut it by 40% in March to $24 billion.
FOX Business has reached out to Instacart for comment.
INSTACART FILES CONFIDENTIALLY FOR IPO
Instacart took a major step toward becoming a publicly traded company earlier this year when it confidentially filed documents for an initial public offering (IPO) with U.S. securities regulators.
It was expected that Instacart would go public sometime in 2022, but in October the company pushed back those plans to the new year, according to the New York Times.
INSTACART SLASHES ITS VALUATION BY ALMOST 40% TO $24B: REPORT
Instacart became a pandemic-related darling, best known as an app that lets consumers order groceries online from a range of stores.