Singapore O2O platform Fave buys CutQ, FoodTime in SE Asia push

Fave, Southeast Asia’s offline-to-online platform for small and medium enterprises, has acquired Singapore-based CutQ and Malaysia-based FoodTime for an undisclosed sum, according to the company’s statement on Friday.

This acquisition comes after Fave’s $20-million Series B fundraising from Sequoia India, SIG Asia Investment and Venturra Capital last September. Fave also acquired Groupon Singapore in 2017.

CutQ is a food takeaway app that enables its users to skip queues and have their food ready for pickup, while FoodTime is a mobile food ordering and delivery app. Acquiring them both will help Fave accelerate its growth significantly in Southeast Asia, the company said.

“As the cost to operate restaurants increases and business owners face challenges to hire staff and increase productivity, we wanted to provide table ordering and takeaway pre-ordering solutions which will reduce these hurdles,” said Fave Group’s founder Joel Neoh.

Fave currently operates in over 18 cities in Singapore, Malaysia, and Indonesia. It targets to serve 100,000 offline businesses this year.

Fave Singapore managing director Ng Aik Phong said that merchants have experienced an 70 per cent increase in loyalty return rates from their customers as compared to the industry average of around 20 per cent. “Adding table ordering solutions is a step towards addressing what merchants in F&B need,” he added.

Table ordering is powered by FavePay mobile payments which also provides loyalty cashback to consumers and more returning customers for merchants.

It claims FavePay transactions crossed the six million mark with the app downloaded over 4 million times and more than $6 million worth of cashback issued to Singaporeans and Malaysians in this quarter.

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.