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HappyFresh raises $65 million in series D, plans expansion in Indonesia
The online groceries marketplace will use the funds to expand operations to more areas of Indonesia and improve quality control as it expects the online shopping trend to outlast the coronavirus pandemic.
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A HappyFresh shopper carries a bag full of groceries. The company announced on July 27, 2021 that it had received US$65 million in its latest funding round. (Courtesy of HappyFresh/-)
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nline groceries marketplace HappyFresh has raised US$65 million in a series D funding round and plans to use those funds to expand to more cities in Indonesia.
The new round of investment was led by Japan’s Naver Financial Corporation and Amsterdam-based Gafina B.V. Other participants include Mirae Asset Indonesia and Singapore as well as South Korean venture capital firms STIC Investments and LB Investment Inc.
“We are going to expand our service area in Indonesia through partnerships with more local and national supermarkets,” HappyFresh Indonesia managing director Filippo Candrini said in a press release on Tuesday.
The company has operations in Greater Jakarta as well as in Bali and in the cities of Bandung in West Java, Semarang in Central Java, Makassar in South Sulawesi, and Malang and Surabaya in East Java.
HappyFresh CEO Guillem Segarra said the company would also use the funds to grow operations with its retail supermarket partners as well as to increase services and quality control.
He went on to say that the company had seen “unprecedented growth” in the past 18 months as HappyFresh’s traffic had grown 20-fold in all its markets, namely Indonesia, Malaysia and Thailand.
“We see a huge change in consumer behavior; [customer] retention rates and shopping frequency have increased significantly, while the overall basket size has grown consistently. We attribute this to [the] offline-to-online spending shift that will continue,” Segarra said, adding that the company was inching closer to long-term profitability.
