Instacart valued at $9.9 billion as IPO market rebounds

Maplebear Inc, the parent of grocery delivery app Instacart, disclosed on Monday it fetched a $9.9 billion fully diluted valuation after pricing its initial public offering (IPO) at the top of its indicated range.

The valuation is a fraction of the $39 billion value that investors assigned to Instacart in a private fundraising round in March 2021, at the height of the COVID-19 pandemic which pushed consumers to order groceries at home.