Why Honestbee spiralled so quickly into financial crisis

A file photo of an Honestbee delivery rider. According to recent legal filings, Honestbee is looking to refocus on the grocery space and discontinue non-core businesses such as laundry and delivery. It will also reduce the number of markets in which
A file photo of an Honestbee delivery rider. According to recent legal filings, Honestbee is looking to refocus on the grocery space and discontinue non-core businesses such as laundry and delivery. It will also reduce the number of markets in which it operates to six from 10 previously.ST FILE PHOTO

Start-up's woes largely due to stiff competition, inability to raise capital

Another day, another demand for payment from a disgruntled creditor. Such is life at struggling grocery start-up Honestbee, it seems.

The demands have been piling up in recent months, putting intense pressure on the company as it struggles to stay afloat in a fiercely competitive grocery and delivery market.

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A version of this article appeared in the print edition of The Straits Times on August 06, 2019, with the headline 'Why Honestbee spiralled so quickly into financial crisis'. Print Edition | Subscribe