Qishin Tariq · · 1 min readHappyFresh hires turnaround firm amid financial troubles
HappyFresh, an Indonesia-based online grocery platform, has hired restructuring firm Alvarez & Marsal Holdings to review its troubled finances, Bloomberg reported, citing sources familiar with the matter.
The company has reportedly been trying to raise capital. The sources also told Bloomberg that some of the online grocer’s senior executives are no longer performing their day-to-day functions.
HappyFresh has raised a total of at least US$97 million in both equity and debt funding. In July 2021, it secured US$65 million in a series D round led by Naver Financial Corporation and Gafina.
The online grocer told Bloomberg that it has “recently come to be aware of new information on the company’s finances,” and its board was “taking the lead” in sorting out the situation.
The company has also reportedly suspended grocery deliveries in parts of Indonesia this week. However, its services were still available for customers in Malaysia and Thailand.
See also: The key players in Southeast Asia’s quick commerce space
Editing by Deepti Sri and Lorenzo Kyle Subido
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