Gopuff saves time for its delivery promise of 30 minutes or less

“Once you can execute, and obviously it’s hard, it’s a winner in the long run,” he said. Gopuff added that he was putting a public offer...

“Once you can execute, and obviously it’s hard, it’s a winner in the long run,” he said.

Gopuff added that he was putting a public offering on the back burner because the stock market had been volatile and he had enough cash. The layoffs were part of a global restructuring, he said.

Mr. Gola and Mr. Ilishayev met while students at Drexel University in Philadelphia in 2011. During their sophomore year, they founded Gopuff for Students, offering fast late-night deliveries of junk food, condoms and smoking paraphernalia. They called themselves a “one-stop shop for puffs”, which led to the name Gopuff. Deliveries were available until 4:20 a.m.

To stand out from DoorDash and Instacart, which connect customers to restaurants and grocery stores through their apps and rely on gig workers, Mr. Gola and Mr. Ilishayev decided that Gopuff would buy goods from distributors and wholesalers. and would have warehouses. Its warehouse workers are said to be full-time employees, though its delivery drivers and bicycle messengers are contractors.

Mr. Gola, who dropped out of college, and Mr. Ilishayev, a Drexel graduate with a degree in legal studies, became joint chief executives of Gobrands, Gopuff’s parent company. To fund the business, they sold used office furniture on Craigslist and eBay. They also offered discounts on orders to attract customers and charged only $2.95 for delivery.

As Gopuff gained traction beyond Drexel students, Mr. Gola and Mr. Ilishayev expanded their product offerings and set up warehouses in Boston, Washington and Austin, Texas. Starting in 2016, the company raised funds from venture capital firms such as Anthos Capital and later from investors such as Japanese conglomerate SoftBank.

“We’ve seen it in the data: customers who come back multiple times a month, very strong customer retention, customers who would stay forever, basically,” said Jett Fein, partner at Headline, a technology company. venture capitalist who invested in Gopuff.

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Newsrust - US Top News: Gopuff saves time for its delivery promise of 30 minutes or less
Gopuff saves time for its delivery promise of 30 minutes or less
Newsrust - US Top News
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