HappyFresh, an Indonesia-headquartered grocery delivery startup backed by Grab Ventures, has raised $65 million in its latest funding round, according to regulatory filings accessed by DealStreetAsia – DATA VANTAGE.
The Indonesian startup confirmed raising $65 million in a Series D round, exceeding initial targets due to what it said was significant demand from new and existing investors.
The fundraising was led by Naver Financial Corporation and Gafina BV and backed by Mirae Asset Indonesia and Singapore. Existing investors such as Mirae Asset-Naver Asia Growth Fund and Z Venture Capital also participated.
HappyFresh, which claims to be the number one online grocery company in Southeast Asia, allotted 352,089 new preference shares in the latest round, pricing each share at $181.17, up 3.34% from the previous funding, which was backed by Grab, Naver, and Line Ventures, the filing further showed.
Mirae Asset and Naver, through the Mirae Asset-Naver Asia Growth Fund, and Line Ventures joined in as follow-on investors since they led the Series C funding round that raised $20 million in 2019.
HappyFresh CEO Guillem Segarra said the fresh capital will be used to scale up its operations across different markets, enhance the startup’s existing operating model, and improve service offerings such as payments.
Founded in 2015, HappyFresh has active operations in Indonesia, Malaysia, and Thailand. It operates its own delivery fleet and staff that pick the fresh groceries from partnering supermarkets.
The startup raised a $12-million Series A round in September 2015, led by Vertex Ventures and Sinar Mas Digital Ventures. This was followed by a Series B funding that raised an undisclosed amount in 2016, led by Samena Capital.
In 2019, HappyFresh raised $20 million that it used to expand into new markets in Southeast Asia and develop its technology.
Grab acquired a minority stake in HappyFresh in 2018 through Grab Ventures, its investment arm. Its grocery delivery service, dubbed GrabFresh, was launched in partnership with HappyFresh that year.
HappyFresh recorded a net profit in Indonesia in the first quarter of 2020 and expects the same for its other two markets, Malaysia and Thailand, by the second quarter or the middle of the third quarter, chief executive Segarra had earlier told DealStreetAsia.