Honestbee to sell business, says report
Honestbee, an online grocery, and food delivery service, is nearly out of money and trying to offload its business, according to a new report.
According to TechCrunch, Honestbee has held initial conversations with companies in Asia like Grab and Go-Jek, over the potential acquisition of part, or all, of its business.
TechCrunch was also able to talk to several fromer and current staff and learned that the company is laying off employees, owes money to a range of suppliers, closed R&D centers in Vietnam and India, isn’t going to make payroll in some markets, and a range of executives have quit in the recent months.
Reportedly, Honestbee’s head of the Philippines, Crystal Gonzales, has also quit the company, according to TechCrunch‘s source within Honestbee Philippines.
A few days ago, Honestbee sent out notices to its customers in the Philippines that they are halting local operations in the Philippines. Tech In Asia reports that it is out of money and is waiting for additional funding from the Honestbee HQ in Singapore.
Honestbee operates in eight markets in Asia which includes Singapore, Hong Kong, Taiwan, Thailand, Malaysia, Indonesia, and Japan. According to TechCrunch, the Philippines business is Honestbee’s best-performing market on paper, accounting for around 40% of Honestbee’s overall GMV.
We have reached out to Honestbee Philippines for a comment, but we’re yet to receive a reply.
You can read TechCrunch’s full report in the source link below: