Grocery app Instacart slows hiring, cuts expenses

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Grocery app Instacart slows hiring, cuts expenses

The Information reported on Saturday that Reuters-owned grocery delivery app Instacart Inc has been letting go staff, slowing hiring and curbing other expenses as it heads toward a public listing.

In May, Instacart said it had confidentially filed with the U.S. securities regulator to go public, not long after slashed its valuation by 40% to $24 billion after market turbulence.

The report said that the San Francisco startup has fired some of its more than 3,000 workers over the last two months after holding mid-year performance reviews.

The report said that Instacart has fired at least three senior-level employees in recent weeks, but it does not include any departures from the company's top management positions.

The Grocery delivery app said in July that its founder Apoorva Mehta would step down and leave the company once it goes public.

The report said that Instacart stopped hiring for various positions and managers and asked them to cap spending in areas such as travel and team gatherings.

When contacted by Reuters, Instacart wouldn't say anything about the report.

The Wall Street Journal reported this week that the firm plans to focus on the sale of employees' shares in its initial public offering and does not intend to raise capital for the company.

Technology companies,Crypto exchanges, and financial firms have slowed their hiring due to higher interest rates, red-hot inflation and an energy crisis in Europe.