An Instacart employee delivers groceries in Tucson, Arizona, the US, April 4 2020. Picture: REUTERS/CHENEY ORRUS grocery delivery giant Instacart announced a new funding round on Tuesday, lifting its valuation to $39bn and making the company one of the most valuable start-ups in the world.
Reuters reported then that Instacart had picked Goldman Sachs to lead its initial public offering at an estimated $30bn valuation. Instacart is the largest grocery delivery company in the US, according to research from Second Measure, controlling 46% of market share by last summer. But the company, founded in 2012, encountered challenges as well as huge demand during the pandemic. The sudden growth forced Instacart to rethink its business model, and it cut 1,900 jobs early in 2021, including its only union roles.
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