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Gopuff Is Close to Raising $1 Billion With No IPO in Sight

  • Delivery startup cutting staff by 3% in global reorganization
  • Tech stocks have fallen on concerns about inflation, rates
relates to Gopuff Is Close to Raising $1 Billion With No IPO in Sight
Source: Gopuff

Gopuff is near to closing a $1 billion funding round and is cutting hundreds of jobs, steps meant to bolster the delivery startup’s financial cushion as it embarks on a new global strategy and steers clear of the volatile public markets. 

The latest investment is being led by Guggenheim Partners and will come in the form of a convertible note, according to people familiar with the matter. The additional capital would add to Gopuff’s current cash position of $2 billion. Gopuff was valued at $15 billion last July. A Guggenheim spokesperson didn’t immediately respond to a request for comment.