Honestbee is running out of money ......

[Johnrambo]

Honestbee, the online grocery delivery service in Asia, is nearly out of money and trying to offload its business.

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, according to two industry sources with knowledge of the talks.

Founded in 2015, Honestbee works with supermarkets and retailers to deliver goods to customers using its store pickers, delivery fleet and mobile apps. The company is based in Singapore and operates in eight markets across Asia: Hong Kong, Singapore, Taiwan, Thailand, Indonesia, Malaysia, Philippines and Japan. In some markets it has expanded to food deliveries and, in Singapore, it operates an Alibaba-style online/offline store called Habitat.

The company makes its money by taking a cut of transactions from consumer transactions, while it also monetizes delivery services separately.

Despite looking impressive from the outside, the company is currently in crisis mode due to a cash crunch — there’s a lot happening right now.

More at https://tinyurI.com/y38e73ex

 

[syed putra]

High overhead most likely.

 

[wontonmee]

Same same tactic. Stretch all your resources and get market share, then sell company and exit. Haha...

 

[laksaboy]

Grab and go jerk?

 

[syed putra]

Grab and go jerk?

Grab is still losing money and i doubt they can compete with smaller more leaner competitors after the billions pumped into it.
Go jek i dunno.
I doubt if anyone wants to touch honeybee except maybe the size of softbank.softbank with its financial might may make this work.

 

[Johnrambo]

grab backed by kum gong softbank........... unless one day softbank wake up or go under, grab will always be here

 

[syed putra]

grab backed by kum gong softbank........... unless one day softbank wake up or go under, grab will always be here

Softbank invested in grab like many other companies and i expect softbank would want to see some results.

 

[ballsoffire]

maybe grab will buy them out and conquer another market

 

[bushtucker]

why not merge with redmart which already merged with lazada?

there are too many online shopping platforms for supermarket groceries just to serve a peesai population.

 

[sweetiepie]

KNN honestbee concept can only work on basis of tam chia ter nao KNN therefore they should have just stick to sinkie market KNN they thought others also tam chia and ter nao meh KNN

 

[zeebjii]

Softbank invested in grab like many other companies and i expect softbank would want to see some results.

When the shit hits the fan, softbank itself very likely to up the lorry.

 

[Damien-Mystic]

Is quite likely it's "Habitat" concept store is both cash burner and time bomb.

 

[red amoeba]

Tia gong ntuc wants to makan.

 

[Damien-Mystic]

Tia gong ntuc wants to makan.

If taken over by NTUC, I honestly hope they will first ask themselves if they have the ability to manage Honestbee. If not, it may be better to invest in Honestbee and sit on its board while letting other companies run Honestbee. Eg. Razor.