Grocery delivery app Instacart started terminating jobs of employees, slowing hiring and curbing other expenses as it heads toward a public listing, the Information news report said.
Instacart in May said it confidentially filed with the U.S. securities regulator to go public. Instacart faced 40 percent drop in its valuation to about $24 billion following market turbulence.
The San Francisco-based technology startup over the last two months fired some of its more than 3,000 workers after holding mid-year performance reviews.
Instacart has fired at least three senior-level employees in recent weeks but it does not include any departures from the company’s top management positions.
The grocery delivery app in July said its founder Apoorva Mehta would step down from his role as chairman and leave the company once it goes public.
Instacart also paused hiring for various positions and managers received instructions to cap spending in areas such as travel and team gatherings.
Earlier, the Wall Street Journal reported that Instacart plans to focus on the sale of employees’ shares in its U.S. initial public offering and does not intend to raise much capital for the company.