Instacart CEO Says Wall Street Undervalues Grocery Tech Bet (1)

After joining Instacart more than three years ago, Chief Executive Officer Fidji Simo had to earn buy-in from staff about her vision to reimagine the grocery-delivery company as a provider of e-commerce technology for supermarkets. Now, she also needs to convince Wall Street skeptics.

The pandemic-fueled valuation boom that Instacart benefited from has since dwindled as Americans emerged from lockdowns and returned to in-store shopping. The company’s market value has plummeted to just over $10 billion from its pre-IPO peak of $39 billion.

“We were kind of the poster child for an unprofitable company,” Simo, a Facebook executive prior to joining ...