Instacart drops rating by nearly 40%

Instacart Inc. announced that it has cut its valuation by about 38% to $24 billion, highlighting the difficulties in competing in the supply market.

The San Francisco-based company said the valuation reflects the market turmoil affecting public and private technology companies. Instacart, which sends shoppers to collect and deliver groceries from supermarkets, was last valued at $39 billion about a year ago. Instacart drops rating by nearly 40%

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