Instacart valuation more than doubles ahead of tentative IPO

Bengaluru: Instacart has more than doubled its valuation in less than six months to $39 billion with a $265 million funding round from existing investors, as the grocery delivery startups benefits from a surge in online orders during the Covid-19 pandemic.

The San Francisco-based startup, whose transaction volumes surged sixfold last year as doorstep delivery boomed during lockdowns, said on Tuesday it plans to use part of the new funds to increase its corporate headcount by an estimated 50% in 2021.