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Instacart, North America’s leading grocery technology company, increases its internal valuation by $2 billion through a series of cuts.

The privately held delivery firm raised its internal price by 18% in late February, according to a source with direct knowledge cited by The Information on Sunday, April 2.

The article states that although Instacart’s internal share price is still 70% lower than two years ago, the company’s move may lead to other startups raising salaries.

A source told The Information that Instacart’s price increase reflects its financial performance in December of last year, as well as January and February, and the performance of other publicly traded stocks.

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