Instacart Valuation Cut to $14.7 Billion by Investor Capital Group

Instacart Inc. investor Capital Group Cos. cut its valuation to $14.7 billion, far below the online grocery-delivery firm’s own calculation of $24 billion.

Capital Group marked Instacart shares at $45.84 apiece at the end of June, the asset manager said in a report on the website of its New Economy Fund. That makes it the second major investor in recent weeks to say that Instacart’s own estimate is now obsolete.