The Business Times
business-time-50

Rocket Internet-backed Flash Coffee lays off staff across markets

Claudia Chong

Claudia Chong

Published Tue, Nov 22, 2022 · 04:40 PM
    • Flash Coffee opens over 250 outlets across seven countries in two years after raising millions of dollars from investors.
    • Flash Coffee opens over 250 outlets across seven countries in two years after raising millions of dollars from investors. PHOTO: FLASH COFFEE

    FLASH Coffee, a coffee chain headquartered in Singapore and backed by venture capital, has become the latest startup to lay off staff amid a weakening economy. Retrenchments were made regionwide, including in Singapore and Indonesia, going by the LinkedIn posts of some former employees.

    The extent of the layoffs could not be determined. Flash Coffee did not respond to multiple requests from The Business Times for comment.

    Flash Coffee, known for its brightly coloured yellow and pink kiosks, is among the handful of coffee chain startups in Asia rapidly expanding on a “tech-enabled” formula made popular by Luckin Coffee and fuelled by venture capital.

    CoffeeTech layoffsStartups

    TRENDING NOW

    Anthony Lim, who will be taking over as chairman, spent 19 years at Singapore’s sovereign wealth fund GIC.

    Things to know about DBS’ incoming chairman Anthony Lim

    The dividend per share declared by DBS for Q3 2026 comprises an ordinary dividend of S$0.66 and a capital return dividend of S$0.15.

    DBS eyes prime brokerage business as Q3 profit falls 5% on weaker trading income

    Casa Mett was to have opened in early 2027 at 21 Cuscaden Road, where Ming Arcade used to stand.

    Royal Group and Sunset Hospitality abandon plans to open Casa Mett hotel off Orchard Road

    Former minister George Yeo bought 100,000 shares in agri-business Wilmar International from the open market at $2.97 each on Nov 4.

    George Yeo adds 100,000 Wilmar shares at S$2.97 apiece, taking stake to over 1 million shares

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More