2023-09-12 03:33:22
It was eyeing a valuation of $39 billion
Dubai – Al Arabiya.net
Published on: September 11, 2023: 10:51 PM GST Last updated: September 12, 2023: 07:33 AM GST
The American grocery delivery company Instacart aims to go public this month, with a valuation ranging between $8.6 billion and $9.2 billion, according to what the Wall Street Journal WSJ reported.
This valuation is lower than what the company was looking for in 2021 at $39 billion, and this comes in an indication of a decline in investor interest in technology companies.
Instacart’s business had flourished during the Corona pandemic as consumers avoided crowded public places, but its business was affected as shoppers returned to stores, which prompted it to reduce the number of its employees.
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