Grocery delivery platform HappyFresh has decided to exit the Philippines and Taiwan and will focus on other core Asian markets, after its Series B funding round.
Consolidate market focus for profitability
The Jakarta-based company HappyFresh has decided to close its business in Taiwan and the Philippines. Instead, it will concentrate on its three other markets: Indonesia, Malaysia and Thailand. HappyFresh CEO Markus Bihler says the decision to quit the two markets is because of the company’s “crucial goal” of focusing on its core markets to achieve sustainability and profitability across the region.
This decision comes just six months since it entered the Philippines and less than a year since it launched in Taiwan.
Successful Series B funding
HappyFresh’s latest funding round was led Dubai-based Samena Capital. The company revealed that a major reason for the partnership is the private equity firm’s status as a leading investment firm for logistics. The firm also has “significant” ties to offline retail, which is the second arm of the HappyFresh business.
Bihler believes that the new funding is “a strong vote of confidence for investors of this calibre to embrace the HappyFresh vision”. The funding amount is not disclosed but Bihler says it’s larger than the $12 million Series A capital raised last September.
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