instant delivery

Instacart reportedly slashes internal valuation by 20% to $10B

Grocery delivery platform Instacart started 2022 with a valuation of nearly $40 billion. Now, according to a report by The Information, it may close the year valued at just $10 billion.

Two people reported to be familiar with the situation told The Information that Instacart, which had been slated to launch an initial public offering this year and is now expected to go public next year, has cut its internal valuation to around $10 billion. That would represent a 20% decline off its previous...

https://www.freightwaves.com/news/instacart-reportedly-slashes-internal-valuation-by-20-to-10b

Daily Infographic: Instacart to pay $46.5 million to over 300,000 workers in settlement

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https://www.freightwaves.com/news/daily-infographic-instacart-to-pay-46-5-million-to-over-300000-workers-in-settlement

Ultrafast grocery firm Jokr pulling out of US, selling assets

Grocery delivery bag on porch

As I wrote back in May, instant grocery delivery has reached an inflection point. 

Throughout the pandemic, investors poured boatloads of cash into ultrafast delivery startups, some of which had valuations north of $10 billion. But the promise investors initially saw in quick commerce has gradually evaporated.

It’s been a tumultuous few months for ultrafast delivery startups, and New York’s Jokr is the latest casualty. The company this week revealed that it would scrap its small share of the U.S....

https://www.freightwaves.com/news/ultrafast-grocery-firm-jokr-pulling-out-of-us-selling-assets

Sources say Gopuff shuttering up to 22 warehouses

Gopuff instant delivery shutdown

The blows just keep coming for instant delivery.

Ultrafast delivery poster child Gopuff, which is valued at over $15 billion, plans to shut down or pull back on operations at 22 of its U.S. warehouses, two people familiar with the matter told Insider. The news comes during a week that has seen rival 15-minute delivery startups Gorillas and Getir make significant layoffs, with the latter cutting thousands of workers worldwide.

The unnamed sources confirmed that about half of the 22 facilities...

https://www.freightwaves.com/news/sources-say-gopuff-shuttering-up-to-22-warehouses

Getir laying off thousands of workers, cutting expansion plans

Getir employee with bikes

Ultrafast delivery just can’t catch a break this week. On Wednesday, Turkish instant delivery startup Getir told employees in an internal memo that it would be slashing its global workforce by around 14%. The news comes on the heels of Tuesday’s announcement from rival startup Gorillas that it would lay off 500 employees, or about half of its office workforce.

Estimates place Getir’s workforce at around 32,000 strong, meaning the cuts would impact some 4,480 employees. In addition, Getir said...

https://www.freightwaves.com/news/getir-laying-off-thousands-of-workers-cutting-expansion-plans

Ultrafast delivery startup Gorillas slashes workforce by half

Gorillas food and grocery

Instant delivery is reaching an inflection point. Ultrafast delivery startups like Jokr, Getir and the king of them all, Gopuff, hit the ground running, seeing tremendous growth in the early months of operation as customers embraced the promise of 15-minute delivery. But it seems the spell has begun to wear off.

In the latest blow to the young instant delivery space, Berlin-based startup Gorillas, one of several ultrafast platforms delivering in New York City, announced plans to lay off nearly...

https://www.freightwaves.com/news/ultrafast-delivery-startup-gorillas-slashes-workforce-by-half

GoPuff raises $1.5 billion in anticipation of 2022 IPO

Gopuff has raised $1.5 billion as it gears up for a 2022 IPO

As a FreightWaves story opined in May, it’s time the logistics industry took notice of Gopuff. Well, it has, and so have investors.

According to a securities filing in Delaware first flagged by Prime Unicorn Index, the instant delivery company backed by SoftBank, Fidelity Management and Research Co. and Blackstone Group has raised $1.5 billion in what’s being called a series X raise, which could push its valuation as high as $40 billion, Axios reported. Multiple reports suggest the raise is...

https://www.freightwaves.com/news/gopuff-raises-1-5-billion-in-anticipation-of-2022-ipo

Jokr goes from launch to unicorn in 8 months; new funding pushes valuation to $1.2B valuation

Eight months is all it took to reach unicorn status for Jokr, which on Thursday announced it had raised $260 million in a Series B funding round in a transaction that values the instant delivery company at $1.2 billion.

Activant Capital, Balderton, Greycroft, GGV Capital, G-Squared, HV Capital, Kaszek, Mirae Asset, Monashees, Moving Capital, Tiger Global and others participated in the round. Additionally, the New York-based company announced it has expanded to Boston. 

Founded by German...

https://www.freightwaves.com/news/jokr-brings-instant-delivery-to-boston

Ohi nabs $19 million for delivery in under 20 minutes

Ohi receives Series A funding round for DTC delivery in under 20 minutes

E-commerce fulfillment company Ohi announced on Wednesday the completion of a $19 million Series A funding round, which the company says it will use to begin offering delivery in under 20 minutes. The funding will also be used to support Ohi’s nationwide expansion into 25 cities by the end of 2022.

Ohi is an e-commerce company that uses a countrywide network of microfulfillment centers and smart warehouses to provide what it bills as “instant commerce” – deliveries in two hours or less. Ohi’s...

https://www.freightwaves.com/news/ohi-nabs-19-million-for-delivery-in-under-20-minutes

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