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Miguel Cordon · · 1 min readIndonesian online grocery platform banks $65m in round co-led by Naver
Indonesia’s HappyFresh, an online grocery platform, said it has raised US$65 million in its most recent fundraise, exceeding its initial targets because of strong demand from new and existing investors.
More funding details
- Lead investors: Naver Financial Corporation and Gafina
- Returning investors: Mirae Asset-Naver Asia Growth Fund and Z Venture Capital
- Other investors: STIC, LB, and Mirae Asset Indonesia and Singapore
- Stage: Series D
More company updates
- The new funds come at a time when traffic on the HappyFresh platform is growing by 10x to 20x across the three countries it operates in – Indonesia, Malaysia, and Thailand – the company claims.
- The Jakarta-headquartered firm plans to use the fresh capital to enhance its operations, strengthen its partnerships with retailers, and add more payment methods, among other things.
- HappyFresh CEO Guillem Segarra shared in a statement that the company was seeing a shift in customers’ behavior toward online grocery, with retention and frequency rates growing “significantly” and the basket size constantly expanding. The company attributes the trend to an increasing shift to online payments.
- The latest funding round comes after HappyFresh’s US$20 million series C raise in 2019, which it used to expand further across the region.
For more coverage of the company, head here. You can also click on the link below to view key details about the company, as well as its funding history.
Editing by Collin Furtado and Arpit Nayak
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