Grocery Delivery Startup Honestbee Aims High
Honestbee, an online grocery delivery startup founded by Joel Sng, Isaac Tay, and Jonathan Low in July is dreaming big to conquer the online business world. “We are going to be the biggest online-grocery chain stores in the next 18 months across Asia,” says Joel Sng. Honestbee’smobile app is used to incorporate malls and consumers and their energetic staff who are called as the “bees” work hard to fulfill its one-hour delivery target. Experts suggest that even if the Honestbee exceeds $50 million sales in the fiscal current year, it is going to be difficult for them to fulfill their dream as they have chosen an overcrowded territory for their business with many successful rivals. However, Sng’s ability in raising funds with his financial contacts and a strong background raises their hopes.
What makes Honestbee unique?
Analysts like Cris Tran see talent in Honestbee to achieve their goal if they play their cards right. They find the Southeast Asian market to surge despite the cultural resistance to hand over the fresh, good shopping. Honestbee makes use of data science to find the hot neighborhoods for their worker bees. Honest bee aims to make the life of their customers much easier with their tech-induced business plans. They intend to target demographic areas based on local needs. Once this is gauged, they plan to offer means for fulfilling the shopping needs in these regions. Sng recalls, “Not everyone can hop on a fast train, but in its way Honestbee acts to help make the world more equal.” With investors like YouTube cofounder Steve Chen, Pejman Mar Ventures and ex-Facebook CFO Gideon Yu, Honestbee is all set to take up the Southeast Asian online grocery sale by storm.