Distressed honestbee burned through US$6.3m monthly in H1 2019
EMBATTLED honestbee incurred an unaudited net loss of US$38.1 million in the first half of 2019 while burning through US$6.3 million per month on average, The Business Times understands.
The grocery startup, which is currently seeking court protection from its creditors, suffered an unaudited net loss of US$98.7 million for its full financial year in 2018.
honestbee is understood to be in a negative equity position of US$211.4 million as of end-June, with US$235.8 million in liabilities due within a year. Its tangible assets included US$14.4 million in proper…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups
Gojek and ComfortDelGro Taxi to send untaken rides to each other’s platforms
SG fintech firm Bambu shuts down after missing profit targets, says founder
Telemedicine platforms evolve beyond virtual consultations
Funding concentration seen in emerging tech startups: SGInnovate report
Decarbonisation startup Accacia raises US$6.5 million
A cheat sheet of startup and tech M&As in South-east Asia