posted on 11 May 2020
Indonesia-headquartered HappyFresh could achieve a net profit in the coming months, a milestone for Southeast Asia’s loss-making online grocery industry and a hint of the Covid-19 pandemic’s game-changing impact.
HappyFresh recorded a net profit in Indonesia in the first quarter of 2020, and expects the same for its other two markets, Malaysia and Thailand, by the second quarter or the middle of the third quarter, chief executive Guillem Segarra told DealStreetAsia. He expects to stay in the black beyond that, with a “very clear path to break even on a group level by 2021”. “This is definitely not a one-month kind of thing,” Segarra said. “Obviously now with Indonesia breaking even, it’s a huge milestone for us, and for the industry to be honest. We have a clear blueprint on how to replicate this for the other two markets we’re operating in.”
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Podcasting has quickly moved from a niche obsession to an area drawing considerable investor interest across Asia. Consider India’s Kuku FM, which brought in $5.5 million in a Series A round backed by Vertex Ventures and its existing investors this February.
COVID has allowed us to make a pivotal shift: go from being a sales-led driven company to a product-led growth company.
Vertex Ventures Southeast Asia and India started our journey with Sunday Insurance in the second half of 2018. Over the last eight quarters, we have witnessed the tenacity of the team, their drive and agility to adapt to an ever-changing and intense environment.