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

Middle/Senior Software Engineer (Typescript) - US/Canada

Rollstack

New York, United States

Full Time

USD 80000 — USD 120000 yearly

Founding Data Engineer

Flagright

Berlin, Singapore, United States

Full Time

Salary Undisclosed

Full Stack Software Engineer (Frontend / Backend / AI)

AlphaWatch AI

New York, United States

Full Time

USD 120000 — USD 200000 yearly

Senior/Staff/Principal Software Engineer (Frontend) - APAC/LATAM

MedMe Health

Toronto, Canada, United States

Full Time

USD 12000 — USD 60000 yearly

Web Designer

Firstbase.io

New York, United States

Contract

USD 80000 — USD 119998 yearly

CTO

Second

United States

Full Time

USD 200000 — USD 250000 yearly

Senior Software Architect

Activeloop

Mountain View, United States

Full Time

USD 180000 — USD 250000 yearly

Application Engineer

FlutterFlow

San Mateo, CA, United States

Full Time

USD 160000 — USD 250000 yearly

Solutions Engineer

Alloy Automation

New York, United States

Full Time

USD 120000 — USD 160000 yearly

Contract Technical Recruiter (Brazil)

LiveFlow

New York, United States

Contract

USD 45000 — USD 55000 yearly

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 - 2024 BEAMSTART. All Rights Reserved (Legal).