Instacart told employees Thursday that it’s slowing hiring across the entire company as the grocery delivery giant looks to weather an increasingly brutal tech downturn, The Post has learned.
The news comes two months after Instacart slashed its valuation from $39 billion to $24 billion and said it had confidentially filed for an initial public offering.
Instacart uses gig workers to deliver groceries and other products from more than 70,000 stores in the US and Canada. The San Francisco-based startup was founded in 2012 and has more than 10,000 employees, according to startup data site Crunchbase.
“We hired more than 1,500 people over 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’re slowing down our hiring to focus on our most important priorities and continue driving profitable growth.”
The grocery delivery giant, which revealed the hiring slowdown to employees at an all-hands meeting, is far from the only tech firm to pull back from hiring in recent days.
Meta, Twitter, Coinbase and Uber have all frozen hiring for at least some divisions in recent weeks.