Some large investors in Instacart have marked down the value of their stakes in the privately held grocery-delivery company by as much as 18% since it raised funds a year ago at a $39 billion post-investment valuation, previously unreported figures show. The moves indicate that the recent sell-off in technology stocks may be starting to affect investor perceptions of startups that raised at high prices last year, particularly in competitive sectors like online delivery.

Fidelity’s Growth Company Fund, which holds stock in both private and public companies, on November 30 valued Instacart shares at $102 apiece, an 18% decline from the $125 share price it paid when it invested in the startup’s Series I round in February 2021, according to public filings. The move implied the investor believed Instacart’s valuation had dropped on paper to a little under $32 billion.