Honestbee in financial trouble, looking for an acquisition.

Company having difficulty paying staff this month.


Wallace Ho

27 Apr, 2019

Honestbee in financial trouble, looking for an acquisition. | BEAMSTART News

- From our Sponsors -

According to recent reports by TechCrunch, on-demand delivery startup Honestbee is in a bleak situation as the company is nearly out of money.

2 sources familiar on the matter stated that Honestbee has been looking for an acquisition and have been in early talks with Grab and Go-Jek.

Internal financials indicate that the company lost nearly US$6.5 million, generating US$2.5 million in net revenue (GMV was US$12.5 million).

Honestbee delivery vehicles

A large bulk of the expenditure was on customer acquisition, despite very low retention rates.

Honestbee has also reportedly laid off many employees, paused its Philippines business, and closed R&D centres across Vietnam and India. 

A source has also mentioned that the company may also be struggling to make payroll this month.

- From our Sponsors -

Latest Jobs

English-Korean Freelance Transcriber in Singapore

Elite Asia

Singapore

Contract / Freelance

Salary Undisclosed

Accounting Officer

Gallons & Grapes Pte Ltd

Tuas Shipyard, Singapore

Full Time

SGD 3000 — SGD 4000 monthly

Account Manager (Hybrid)

Pinkerton

New York, NY, United States

Full Time

Salary Undisclosed

Customer Service Representative

Gamer's Hideout Sdn. Bhd.

Dataran Prima, Petaling Jaya, Malaysia

Full Time

MYR 3000 — MYR 4000 monthly

GROCERY SHOPPER UP TO $11/H !THEY ORDER, YOU SHOP!

RecruitFirst

SIngapore, Singapore

Contract / Freelance

SGD 9 — SGD 11 monthly

English Technical/Legal Writer

Pacston Technology Group

Kuala Lumpur, Malaysia

Full Time

USD 20000 — USD 60000 monthly

Junior Accounts Cum Admin Assistant

LABEL-LINE CORPORATION PTE LTD

Kallang, Singapore

Full Time

SGD 1600 — SGD 1800 monthly

Head of Developers

TWGT

Manila, Philippines

Full Time

USD 2000 monthly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2022 BEAMSTART. All Rights Reserved (Legal).