Scoop: Gopuff raises $1.5 billion

Gopuff, an instant delivery platform for everyday items, has raised $1.5 billion in what could be a valuation of up to $40 billion, Axios has learned.

Why it matters: This suggests that the Philadelphia-based company, which recently launched in London and New York, is preparing for a 2022 IPO.

Details: The round is structured as a convertible note led by Guggenheim Partners, and the cap is $40 billion.

• Gopuff was valued at around $15 billion in a round over the summer.
• A related securities filing in Delaware was flagged earlier today by Prime Unicorn Index.
• The company declined comment when contacted by Axios.

The bottom line: Amazon may be king of super-fast delivery, but it has competition.

Editor’s note: This story has been corrected to reflect that the investors are buying into Gopuff at a valuation capped at $40 billion. The headline has also been updated to highlight the capital raise.