(Reuters) – Grocery delivery app Instacart has left staff, slowing hiring and curbing other expenses as it nears a public listing, the information said Saturday, citing people familiar with the matter.
Instacart said in May it had secretly filed with the US Securities Regulatory Authority for an IPO, shortly after cutting its valuation by 40% to about $24 billion in the wake of the market turmoil.
The San Francisco startup has over the past two months fired some of its more than 3,000 workers after conducting performance reviews mid-year, according to the report.
The report added that Instacart has fired at least three high-ranking 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 founder Apurva Mehta would step down as president and leave the company once it went public.
The report said Instacart has also paused hiring for various positions and managers have been instructed to limit spending in areas such as travel and team gatherings.
Instacart declined to comment on the report when contacted by Reuters.
Earlier this week, the Wall Street Journal reported that the company plans to focus on selling employee stock in its initial public offering in the United States and does not intend to raise much capital for the company.
The development comes as tech companies, cryptocurrency exchanges and financial firms cut jobs and slowed hiring amid higher interest rates, hyperinflation and an energy crisis in Europe.