Indonesian grocery delivery startup HappyFresh raises $65m in Series D funding

Photo: HappyFresh

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.