Indonesia-based grocery app HappyFresh raises $ 65 million led by Naver Financial and Gafina – TechCrunch
HappyFresh, the Indonesian-based grocery-on-demand app, announced today that it has raised a Series D of $ 65 million. The round was led by Naver Financial Corporation and Gafina BV, with the participation of STIC, LB and Mirae Asset Indonesia and Singapore. It also included recurring investors Mirae-Asset Naver Asia Growth Fund and Z Venture Capital.
The company’s previous round of funding was a $ 20 million Series C announced in April 2019.
Founded in 2014, HappyFresh was the first Instacart-style grocery delivery service to launch in Southeast Asia. It expanded to five markets before closing its operations in Taiwan and the Philippines in 2016. It continues to operate in Indonesia, Malaysia and Thailand.
In a press release, HappyFresh said it has “seen unprecedented growth” over the past 18 months as customers turned to grocery deliveries during the pandemic, with traffic increasing 10 to 20 times in its three countries.
In a statement, HappyFresh CEO Guillem Segarra said: “We see a big change in customer behavior; retention rates and frequency have increased significantly, while the overall size of the basket has grown steadily. We attribute this to a major shift in wallet engagement from offline to online, which is here to stay. “
The new funding will be used to scale HappyFresh’s operations, including growing its fleet of drivers. The company also plans to add more payment methods, improve the user experience, and increase its variety of items.
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