Indonesia’s HappyFresh has raised $65million in Series D funding, exceeding initial targets due to significant demand from new investors.
The round of funding was led by Naver Financial Corporation and Gafina B.V., with participation from STIC, LB and Mirae Asset Indonesia and Singapore. The round included existing investors Mirae-Asset Naver Asia Growth Fund and Z Venture Capital.
CEO of HappyFresh, Guillem Segarra, said, “We see a big shift in customers’ behaviour; retention and frequency rates have significantly increased while the overall basket size has been consistently growing.”
He attributes this to a rise in share of wallet from offline to online. In 2020, traffic has grown by factors of 10-20x across the 3 countries it operates in, which has translated into long-term growth in top-line as well as both new and repeat customers and improved economics.
HappyFresh has increased its fleet by thousands during the past months in order to fulfil increase in demand.
“We have been extremely busy scaling up our operations across the different markets while maintaining our quality and safety standards.”
EXPANSION IN MALAYSIA
Hu Hun Hui, Managing Director of HappyFresh Malaysia said they are expanding to Putrajaya, Cyberjaya, Rawang, Butterworth, Kedah, Kelantan, Negeri Sembilan and areas within East Malaysia.
He added, “In terms of higher service quality, we have extended our payment assortment to DuitNow for the ease of doorstep payments, adding to the comprehensive cashless payment methods available, including credit & debit card payments, bank transfers and e-wallet options such as GrabPay and Boost.
“Moreover, no minimum spend initiatives for repeat customers and express services will be introduced in the coming months.”