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.
