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

ML Research Engineer - Audio at Flair Labs (W24)

Flair Labs

California,

Full Time

USD 120000 — USD 180000 yearly

Chief of Staff

Charge Robotics

California,

Full Time

USD 135000 — USD 175000 yearly

Relationship Manager (Bengali Speaking)

Codingal

Karnataka,

Full Time

USD 400000 — USD 600000 yearly

Customer Success Manager

Pump.co

California,

Full Time

USD 65000 — USD 80000 yearly

Software Engineer - Backend (Remote)

Speedy Labs

Full Time

USD 20000 — USD 39999 yearly

Legal Associate

Landeed

Telangana,

Full Time

USD 400000 — USD 1500000 yearly

Legal and Product Engineer

Solve Intelligence

England,

Full Time

USD 99998 — USD 220000 yearly

Founding Immigration Attorney

Gale

California,

Full Time

USD 120000 — USD 200000 yearly

Compliance Officer

Hapi

Full Time

USD 2500 — USD 10000 yearly

Founding Engineer

Splash Inc.

California,

Full Time

USD 100000 — USD 160000 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 - 2025 BEAMSTART. All Rights Reserved (Legal).