Instacart told employees on Thursday it was slowing hiring across the company as the grocery delivery giant sought to weather an increasingly severe technology downturn, The Post has learned.
The news comes two months after Instacart cut its valuation from $39 billion to $24 billion and said it had confidentially filed an initial public offering.
Instacart uses on-demand workers to deliver groceries and other products to more than 70,000 stores in the United States and Canada. The San Francisco-based startup was founded in 2012 and has over 10,000 employees, according to the Crunchbase starter data site.
“We’ve hired over 1,500 people in the last year and nearly doubled the size of our engineering teams,” Instacart said in a statement to The Post. “As part of our second half planning, we are slowing our hiring to focus on our most important priorities and continue to drive profitable growth.”
The grocery delivery giant, which revealed the slowdown in hiring employees at a town hall meeting, is far from the only tech company to have given up on hiring in recent days.
Meta, Twitter, Coinbase and Uber have all frozen hiring for at least some divisions in recent weeks.
And grocery delivery startups Gorillas and Getir both laid off hundreds of employees this week, as did checkout startup Bolt.