HappyFresh, the on-demand grocery app based in Indonesia, today announced that it has raised a Series D of $ 65 million. The round was led by Naver Financial Corporation and Gafina BV, with participation from STIC, LB and Mirae Asset Indonesia and Singapore. It also included returning investors Mirae-Asset Naver Asia Growth Fund and Z Venture Capital.
The company’s previous funding round was a $ 20 million Series C announced in April 2019.
Founded in 2014, HappyFresh was the first Instacart-style grocery delivery service to launch in Southeast Asia. It expanded into five markets before closing its activities in Taiwan and the Philippines in 2016. It continues to operate in Indonesia, Malaysia and Thailand.
In a press release, HappyFresh said it has “experienced unprecedented growth” over the past 18 months as customers turned to grocery deliveries during the pandemic, with traffic increasing tenfold to 20 times in its three countries.
In a statement, HappyFresh CEO Guillem Segarra said: “We are seeing a big change in customer behavior; retention and frequency rates have increased dramatically while the overall basket size has grown steadily. We attribute this to a major shift on the part of the portfolio from offline to online, which is here to stay. “
The new funding will be used to scale HappyFresh’s operations, including the growth of its driver fleet. The company also plans to add more payment methods, improve the user experience, and increase its assortment of items.