Instacart Revenue Growth Accelerates Ahead of IPO

Instacart orders and revenue grew in the second quarter as consumers stuck to online grocery delivery despite rising prices and store reopenings, a promising sign for investors as the company prepares for an initial public offering as soon as later this year.

Instacart is one of the few companies in Silicon Valley moving toward a public listing in what might be one of the slowest years for IPOs in decades. A drop in the value of formerly highly valued technology stocks ranging from Snowflake Inc. to Uber Technologies Inc. has put renewed pressure on still-closely held companies looking to go public.