Instacart has cut its valuation by almost 40 per cent to about $24 billion, which it says will help the company attract talent and adapt to market conditions. The company had a valuation of $39 billion in its recent fundraising round. It raised $265 million from investors such as Andreessen Horowitz, Sequoia Capital and D1 Capital Partners, Fidelity Management & Research Co. and T. Rowe Price Associates Inc.

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Instacart wants to boost recruiting and retention by aligning new equity awards for new hires and existing employees with the updated valuation. The moves come as the company guides souring investor sentiment in technology firms in private and public markets. “Our team built Instacart into the market leader it is today, and we believe investing in them is the right thing to do. We are focused on Instacart’s long-term opportunity to power the future of grocery with our partners,” the company said in a statement.