Gopuff, the instant-delivery company valued at $15 billion last fall, is preparing to lay off hundreds of employees, or around 3% of its global workforce, said a person with knowledge of the matter. The cuts are part of an effort to reduce annual head count costs by at least $40 million, said another person who was briefed about the move.

The planned layoffs at the Philadelphia-based company, which employs roughly 15,000 workers, follow a hiring freeze earlier this month and the resignations of several key executives. The moves show how private companies, even those that raised billions of dollars last year, are looking to rein in expenses as investors increasingly favor companies with lower cash burn.