Shoppers prepare to fill their carts at the Giant Supermarket in Washington DC on April 6, 2020.
Evelyn Hockstein/Washington Post via Getty Images)
Grocery delivery platform Instacart said late Wednesday it had filed a draft registration statement with the U.S. Securities and Exchange Commission (SEC), laying the groundwork for the company to go public.
The grocery delivery company was valued at $39 billion when it raised $265 million in March 2021. This made Instacart one of the most valuable venture support companies in the United States at the time.
However, in March it said it had reduced its value by about 40% to around $24 billion to reflect this year’s sell-off in tech stocks.
The development came during a volatile period for US tech stocks this year, with the Nasdaq dropping nearly 30% from its November highs.
For Instacart, the past few years have been a roller coaster. Faced with a challenging business model heading into 2020, the company has seen significant growth during the Covid-19 pandemic as many consumers have reduced their supermarket visits and switched to ordering groceries online.
However, risky assets have been in an inverted state since November, driven by two concerns about accelerating inflation and prospects for higher interest rates.
However, Instacart said the business outlook remains strong. The company is trying to expand beyond its core markets, presentation It has a suite of software to sell to supermarkets this week, and an order-processing service called Carrot Warehouses that enables grocery stores to deliver in 15 minutes or less.
— CNBC’s Annie Palmer contributed to this report.