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Instacart, a grocery delivery startup, has reduced its internal valuation by $10 billion, according to the Information on Tuesday.
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The company's new valuation is 20% lower than $13 billion in Oct.
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It has been reducing its valuation since March, with a 40% reduction.
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Instacart didn't immediately respond to our request for comment.
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COVID-19's pandemic darling was worth $39 billion last fiscal year.
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However, recent valuation reductions highlight volatility's impact on private high-flying companies.
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Market uncertainty caused the startup to delay its long-awaited IPO.