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.