Instacart Inc., a pandemic darling that’s now facing decelerating growth, is slashing its valuation by almost 40% to about $24 billion, a move it says will help the company attract talent and adapt to market conditions.
The grocery-delivery startup had been valued at $39 billion in its most recent fundraising round, when it snagged $265 million last year from investors such as Andreessen Horowitz, Sequoia Capital and D1 Capital Partners, as well as Fidelity Management & Research Co. and T. Rowe Price Associates Inc.
