Founders of Singapore’s Oddle are looking to exit the food ordering app

REUTERS/Marcos Brindicci

Founders of Singapore food ordering app Oddle, that offers choices from Michelin-starred restaurants to bubble tea concoctions, are working with an adviser to exit the company, according to people with knowledge of the matter.

The startup, co-founded by Jonathan Lim, Pua Yong Xiang and Jeremy Lee, has reached out to potential suitors to gauge interest, said the people, asking not to be named as the process is private. Sale documents show that Oddle has raised total funds of S$5 million ($3.7 million) over the past three years and is projecting a gross profit of S$8 million for fiscal year ending March 2021, the people said.

Online food ordering from people stuck indoors has taken off since the outbreak of the Covid-19, boosting revenues at companies such as Oddle. Deliberations are at an early stage and the founders could decide to keep the business, the people said. The firm declined to comment when contacted by Bloomberg News.

Revenue Growth

The startup counts SPH Ventures, RB Investment, Fidelis Capital, Wavemaker Partners and Quest Ventures among its backers, according to its most recent filings with Singapore regulators. The company’s order management system is used by some 3,000 brands in more than 10 countries, its website show.

Among these outlets are Odette, ranked as Asia’s best restaurant, where people can order Normandy crab dumplings and milk-fed Axuria lamb, as well as humbler offerings like bubble tea and ice cream.

Oddle posted revenue of S$1.8 million in the year ended March 31, 2018, up 57% from a year earlier, according to the filings. Its net loss narrowed to S$2.3 million from S$2.6 million.

Oddle’s move comes as the number of tech startup exits in Southeast Asia was little changed in the first half of this year from a year ago, according to a recent report by Singapore-based Cento Ventures. The proceeds generated from the exits dropped by almost 50%, the report said.

Bloomberg

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. 
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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.