The Instacart Roadshow is underway reports of a valuation of less than $10 billion is a big drop from prior funding rounds.

And that's the focus of today's Tech Check with Dear Durbosa. Morning,

morning, Carl. It is a massive down round from that $39 billion that it was

valued at just a few years ago. It won't come as a surprise for the already public tech companies that

have also seen their market cap's crater over the last few years

but for still private startups this should be a major wake-up call.

Some of the largest unicorns like Stripe they've already taken their medicine and

done rounds at lower valuations or marked themselves down internally but others like chime go puff discord

Plod they have not and they will have to take a hard look at insticard's IPO. Let's put this in context though. Key question when any

company goes public is what is it and therefore how do you value it? What kind of

multiple do you give it? Is Instacart a grocery gig advertising

e-commerce company or some combination in the above the

valuation range does give us some clues investors they will get a discount to what is

seen as its closest comp door dash a 9.3 billion billion market cap for Instacart implies an enterprise value of about

two and a half times its last 12 months revenue. That compares to about three and a half times

for DoorDash and three times for Uber.

Instacart may be more profitable than both thanks to that advertising business but it is also growing its top

line significantly slower.

Still nearly 40% sales growth last year and its tech put Instacarts multiple

well ahead of players in mature industries like Grocery and Advertising Agencies.

So that is Instacart.

And we know the gig space has not been particularly kind

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