Instacart Cuts Valuation by Nearly 40%

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Instacart Inc. said it has cut its valuation by about 38% to $24 billion, illustrating the difficulties of competing in the delivery market.

The San Francisco company said the valuation reflects the market turbulence impacting public and private technology companies. Instacart, which sends shoppers to pick and deliver groceries from supermarkets, was last valued at $39 billion about a year ago.

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