Continue reading this on our app for a better experience

Open in App
Home News Company in the news

Delivery Hero-backed Flash Coffee exits Singapore to cut costs

Bloomberg
Bloomberg • 1 min read
Delivery Hero-backed Flash Coffee exits Singapore to cut costs
The Singapore-based company filed a notice with local regulators this week, saying it’s unable to continue operating because of its liabilities. Photo: Bloomberg
Font Resizer
Share to Whatsapp
Share to Facebook
Share to LinkedIn
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Flash Coffee, a grab-and-go coffee chain backed by Delivery Hero SE, has closed its stores in Singapore to curb costs as it works toward profitability.

The Singapore-based company filed a notice with local regulators this week, saying it’s unable to continue operating because of its liabilities. The chain, which has about 200 stores globally, will shutter all its 11 locations in the city-state, it said in a statement on Friday.

Launched in 2020, Flash Coffee opened at least 20 stores in Singapore and quickly expanded across Indonesia, Thailand, Hong Kong and South Korea. It raised US$50 million ($68.4 million) this May, on the back of a goal to reach profitability in 2024.

The global economic slowdown has been keenly felt in Southeast Asia, where once-high-flying startups have had to quickly reconfigure their businesses and hasten plans to achieve profitability. Flash Coffee’s service, as a form of discretionary spending, was particularly vulnerable to the downturn in consumer sentiment and rising rents in the city-state.

“Most of our Singapore head office staff have been offered roles in other markets or with our regional team,” the company said. 

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
© 2024 The Edge Publishing Pte Ltd. All rights reserved.