The grocery delivery service has slashed its valuation by almost 40% post-coronavirus, though that still represents a hefty increase for corporate backers Comcast, American Express and Amazon.

US-based online grocery delivery service Instacart, which is backed by corporates American Express, Comcast and Amazon, is cutting its valuation from $39bn to $24bn, Bloomberg reported on Friday.

Instacart’s online platform allows users to select groceries from a range of local shops that are collected by the company and delivered to their home at a time of their choosing.

The company was one of the most visible winners during the covid-19 pandemic, as social distancing measures in its home country…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.