Grocery delivery app Instacart raised its internal stock price by 18% in late February compared with December, The Information reported on Sunday, citing a person with direct knowledge of the matter.
Instacart’s improvement reflects financial results from December, January and February, as well as the stock performance of similar publicly traded tech companies, the report said, adding that the new price of stock issued to employees implies a valuation of about $12 billion, up from around $10 billion.
The Information in December reported that the food-delivery company had then cut its internal valuation by 20% to $10 billion.
Instacart could not be immediately reached for a comment.
The San Francisco-based company delayed its much awaited Initial Public Offering(IPO) amid market uncertainty, according to a Reuters report in October last year.