Grocery delivery app Instacart has been laying off employees, halting hiring, and cutting other costs as it prepares for a public listing.

People in the company familiar with the matter told the Information about the layoffs.

In May, the retailer said it had sent a confidential filing with The Securities and Exchange Commission to go public.

READ MORE: AEROSPACE FIRM BOEING WILL CUT 150 FINANCE EMPLOYEES

It wasn’t long after reducing its valuation by 40 percent to around $24 billion due to market turmoil.

The report says the firm has sacked around 3,000 of its employees within the last two months, after conducting mid-year performance reviews.

The report added the San Francisco startup has terminated a minimum of three senior-level personnel in recent weeks.

However, it does not include any departures from the company’s top management roles.

Instacart said in July its founder Apoorva Mehta would stand down as chairman and depart the company after it goes public.

Need Career Advice? Get employment skills advice at all levels of your career

It also delayed hiring for certain roles and managers have been told to limit spending on activities like travel and team events, the report said.

Earlier this week the Wall Street Journal reported the company intends to focus on the sale of employees’ shares in its US initial public offering.

The report also adds that the move is not intended to raise much capital for the Grocery delivery service.

Instacart declined to comment on the report when contacted by Reuters.

Source: Reuters

Follow us on YouTubeTwitterLinkedIn, and Facebook.