Delivery giant Instacart raised its internal stock price by 18% in late February compared with December, according to reporting by The Information, which cited a person with direct knowledge of the matter.
Instacart’s improvement reflects financial results from December, January, and February, according to the report, which also noted that the new price of stock issued to employees implies a valuation of about $12 billion, up from about $10 billion.
The Information in December reported that the food-delivery company had then cut its internal valuation by 20% to $10 billion.
Instacart has not responded to a request for comment.
The San Francisco-based company delayed its much awaited Initial Public Offering (IPO) amid market uncertainty — reportedly, Instacart wants Wall Street to stabilize a bit before moving forward.