Why Honestbee spiralled so quickly into financial crisis

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

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

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'. Subscribe