The ultra-fast delivery startup, which delayed an initial public offering that was planned for this year, is close to reaching an agreement on a revolver loan so it can quickly access money as it faces slower growth and a more challenging fundraising environment, sources told The Wall Street Journal. (The Wall Street Journal)

Talking point: The ultra-fast delivery sector experienced high investor interest and rapid growth early in the pandemic, but has since struggled amid a weaker economy and softening e-commerce demand. Firms in the space have since faced valuation writedowns, scaled back operations, shuttered or been acquired as they grapple with reaching profitability while operating under an expensive business model. Gopuff, which laid off 10 per cent of its staff in July and planned to close 76 warehouses, has about US$1.5 million in cash reserves and burned through roughly US$400 million in the first quarter, sources said.