Online Grocery Platform Plummets 6%, Nearly 1 Trillion Won in Market Cap Vanishes in a Day

MapleBear (MAPLEBEAR INC: CART) closed the previous trading day on the Nasdaq at $44.25, down 6.55%, with a trading volume of 5.02 million shares. Over the course of the day, its market capitalization declined by about $640 million (approximately KRW 900 billion), bringing it down to roughly $10.4 billion (around KRW 14 trillion).

On May 6, the company released its first-quarter 2026 results, reporting that Gross Transaction Value (GTV) surpassed $1 billion for the first time—a 13% year-over-year increase. Revenue rose 14%, and net income reached $144 million, representing 36% growth.

In March, hedge fund Incline Global reportedly sold its entire stake in Instacart parent MapleBear, valued at approximately $15.5 million (around KRW 21 billion), prompting concerns over institutional supply and demand.

MapleBear, operating under the Instacart brand, is a San Francisco-based retail media and online grocery platform offering delivery and pickup services for groceries and everyday essentials across the U.S. and Canada.

The company went public on the Nasdaq in September 2023, beginning trading at an initial offering price of $30. Since then, it has been viewed as a high-growth stock with significant price volatility, driven by both growth expectations and intensifying competition coupled with earnings variability.