Honestbee Pauses Partnership and Suspends Food Delivery Business, Signaling Cash Flow Problems

Written by: admin on April 29, 2019

Uber reveals IPO plan with valuation between $80.5 and $91.5 billion

Ride-hailing company Uber unveils IPO term with a lower valuation than it had hoped for, partly influenced by the poor IPO performance of its competitor, Lyft. Uber’s valuation falls almost a third of its expected $120 billion between $80.5 to $91.5 billion.

The company plans to raise over $10 billion by selling 180 million shares, pricing $44 to $50 per share to raise up to $9 billion, plus 27 million sold by existing investors for as much as $1.35 billion. The price is expected to be finalized on May 9 and begin trading on the New York Stock Exchange (NYSE) the following day. The IPO is being led by Morgan Stanley, Goldman Sachs & Co and Bank Of America Merrill Lynch.

Shopee Indonesia partnered with Traveloka to offer flight tickets feature on its app

Shopee Indonesia collaborated with travel tech platform Traveloka to add a flight ticket booking feature on its app and enriches Shopee’s suite of digital products which also includes streaming vouchers, mobile internet data, and event tickets.

In the past, the companies have also partnered up and allowed consumers to redeem their Traveloka points for shopping at Shopee, among other platforms. This partnership comes ahead of the Ramadan period where Indonesia experiences domestic travel surge, especially domestically.

Honestbee suspends several offerings amid news about cash flow problems

After laying off its employee, on-demand grocery and food app Honestbee continues to struggle as the news about paused partnership in Singapore and suspended food-delivery feature in Thailand and Hong Kong emerged. The company has also halted its operations in the Philippines, the market that was considered as Honestbee’s best-performing market with 40% GMV contribution.

The startup is reportedly having cash flow problems and trying to sell its business, with Grab and Go-Jek touted as the most likely buyer.

Indian e-sport startup MPL received investment from Go-Jek's investment arm

Through its investment arm Go Ventures, Go-Jek is once again strengthening its reach into e-sport by investing into Mobile Premier League (MPL), e-sport startup based in India. MPL announced the closing of its $35.5 million funding round today.

Joining Go Ventures in the round are multiple VCs including Sequoia India, Times Internet, RTP Global, Beenext, Base Growth, and Venture Highway.