Grocery delivery startup HappyFresh has raised fresh funding and resumed operations in its biggest market, Indonesia. However, it will cease operations in Thailand and Malaysia, the company said in a statement on Wednesday.
HappyFresh said it received a “fresh funds injection” and reinstated its top executives, including CEO Guillem Segarra, CFO Frederic Verin, and COO Christoph Krauss.
Kai-Kevin Gotthard Kux, Lee Jung An, and David Keller have permanently resigned from their seats on the board of directors. They will be replaced by executives from the US-based restructuring firm Kroll.
“Representatives from Kroll have also been appointed to form the new board of directors with Guillem Segarra,” the statement read. “They will work closely with various venture debt funds (Genesis, Innoven and Mars) to ensure that business operations in Indonesia provide a strong path to profitability within 2022.”
The company did not provide details on the new funding. DealStreetAsia has reached out to HappyFresh and its investors for comment.
HappyFresh was undergoing a restructuring exercise that involved staff layoffs, a financial review, and other efforts to streamline operations amid mounting debt. It had to halt operations for the past couple of weeks due to the exercise.
Founded in 2014, the company has managed to raise $97 million in both equity and debt funding so far.
Several grocers with a focus on fresh produce have stopped operations in Indonesia, including Brambang, which changed its business entirely in May to selling electronic goods. Agritech firm TaniHub, meanwhile, shut down its business-to-customer (B2C) operations in March despite having a strong network of farmers.
Last week, DealStreetAsia reported that quick commerce platform Dropezy may have closed all 20 of its dark stores spread across Jakarta.