- Briefing Your roundup of Asian tech and startup news that matter
Aya Lin · · 1 min readIn brief: Grocery delivery startup Honestbee hits cash crunch, eyes sale
- Honestbee is nearly out of money and it’s trying to offload its business, TechCrunch reported.
- The company has held early conversations with a number of suitors in Asia, including ride-hailing giants Grab and Go-Jek, over the potential acquisition of part or all of its business, two sources familiar with the matter said.
- Internal numbers for Honestbee in December 2018 show that the startup lost nearly US$6.5 million, with around US$2.5 million in net revenue. Its gross merchandise volume reached nearly US$12.5 million, but costs – chiefly discounts to lure new customers and online marketing spend – dragged the company down.
- In recent months, the startup has reportedly laid off employees, “paused” its business in the Philippines, and closed its research and development centers in Vietnam and India. A source said the company currently doesn’t have the funds to pay its staff this month.
Editing by Charmaine de Lazo
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