Instacart has reportedly explored selling itself to a larger rival and has hired an investment bank to evaluate its options. The Information reported that the grocery delivery company held acquisition talks with DoorDash, while Bloomberg said it also spoke with Uber, which reportedly walked away from those discussions.
Instacart shares rose more than 9.2% on Friday on the reports, while Uber and DoorDash stock declined. The company has a market capitalization of over $13 billion, and its stock is up about 25% year to date.
Bloomberg described the discussions as early and said they may not lead to a sale. Instacart did not immediately comment on the reports.