Instacart Confidentially Files For US IPO

• Grocery delivery platform Instacart has confidentially submitted a draft registration statement on Form S-1 with the U.S. SEC.
• The company was valued at $39 billion in March 2021, but the valuation got slashed by 40% to $24 billion due to technology stocks’ sell off in 2022, CNBC reported.
• The company got a major boost during the Covid-19 pandemic as many consumers turned to online grocery orders.
• Instacart has started to explore options to expand beyond its core marketplace, the report added.
• The San Francisco-based startup did not disclose the size of its IPO or its pricing range.