Instacart hires investment bank, holds acquisition talks with DoorDash

Instacart has hired an investment bank to evaluate its strategic options and has held acquisition talks with DoorDash. Bloomberg reported that Instacart also spoke with Uber, although Uber reportedly walked away from those discussions. The company currently has a market cap of more than $13 billion, and its stock price is up 25% year-to-date. Instacart may view this as a favorable time to sell before the grocery delivery market becomes more competitive. Bloomberg noted these are early discussions that might not result in a sale. An Instacart spokesperson declined to comment. The reports caused Instacart's share price to spike more than 9.2% on Friday, while Uber and DoorDash stock declined.