After appointing the new CEO and with the latest funding the company is finally seeing the growth.
Online grocery delivery platform, HappyFresh, raises $20 million in the latest funding round. The series C round funding was led by Mirae Asset-Naver Asia Growth Fund.
Rest of the investors in grocery delivery app’s funding included Grab Ventures, LINE Ventures, and Singha Ventures, Samena Capital from the Vertex Ventures, Middle East, Sinar Mas Digital Ventures (SMDV), 500 Startups and BeeNext.
The company aims to use a fresh injection of funds to expand its reach in Southeast Asia. Latest funds will also be used to expand its omnichannel and data science workfroce as well as develop new technology.
The grocery delivery startup was founded in 2015, and since then it has been through many changes in its business operations. In 2016, the company faced a difficult time and had pulled out of two markets. In 2017, it made changes in its leadership roles and brought in a new CEO, Guillem Segarra in the hope of improving the financial situation.
Company’s service is currently spread in Indonesia, Malaysia, and Thailand. Its main operation is working with retailers to allow users orders groceries online from various shops.
HappyFresh CEO, Guillem Segarra, said,
“In Malaysia, there’s no integration with Grab yet, although that’s a possibility in the future.”
Its same-day delivery option is very popular among customers as it guarantees to deliver orders within a one-hour window whose whole process is managed by its grocery delivery app and website.
In 2018, Grab and HappyFresh joined hands to provide their integrated services to customers. HappyFresh assists the Grab in the Southeast Asian market by providing the technical backbone and logistics for their integrated service GrabFresh. Simultaneously, it also runs its own standalone app.
He further added,
“In China, now they are at 7–10 percent online groceries adoption. In places like Korea, it’s at 20 percent. In Indonesia or Southeast Asia as a whole, we are now at almost 1 percent. Just 2-3 years ago, we were at 0.1 percent.”
Online grocery shopping company, HappyFresh funding comes at a time when its closest rival HonestBee is going through a crisis. HoneyBee has reportedly hit a bumper in its track of regional expansion. The startup has ‘temporarily suspended’ its services in the Philippines and laid off over 50 employees in Indonesia and Thailand.
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