Pandemic Favorite Instacart Cuts Jobs, Expenses Ahead Of IPO - DoorDash (NYSE:DASH), Grab Hldgs (NASDAQ:GRAB)

  • Grocery delivery company Instacart Inc has resorted to job cuts and imposing expense curbs ahead of its Initial Public Offering.
  • The company has fired over 3,000 workers after holding mid-year performance reviews, Reuters reported.
  • It had previously slashed its valuation by 40% to about $24 billion keeping in mind higher interest rates, inflation, and a potential recession.
  • Instacart had filed with the U.S. securities regulator to go public in May 2022.
  • The company had then been thinking to go public before the end of 2022, even though volatility in the market remained high.
  • Last week, Instacart reportedly said it would focus on selling employees’ shares in its U.S. IPO without the intention of raising much capital for the company.
  • The company’s business surged during the pandemic, and growth has slowed as people return to in-store shopping.
  • Photo Via Company

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