Founders of the Singaporean food ordering app Oddle, which offers choices from Michelin-starred restaurants to bubble tea concoctions, are working with an adviser to exit the company, people with knowledge of the matter said.
The start-up, cofounded by Jonathan Lim (林澤延), Pua Yong Xiang (潘永祥) and Jeremy Lee (李俊輝), has reached out to potential suitors to gauge interest, said the people, asking not to be named as the process is private.
Sale documents show that Oddle has raised total funds of S$5 million (US$3.7 million) over the past three years and is projecting a gross profit of S$8 million for the fiscal year ending March next year, the people said.
Online food ordering from people stuck indoors has taken off since the outbreak of the COVID-19, boosting revenues at companies such as Oddle.
Deliberations are at an early stage and the founders could decide to keep the business, the people said.
The firm declined to comment when contacted by Bloomberg News.
The start-up counts SPH Ventures, RB Investment, Fidelis Capital, Wavemaker Partners and Quest Ventures among its backers, according to its most recent filings with Singapore regulators.
The company’s order management system is used by about 3,000 brands in more than 10 countries, its Web site shows.
Among these outlets are Odette, ranked as Asia’s best restaurant, where people can order Normandy crab dumplings and milk-fed Axuria lamb, as well as humbler offerings such as bubble tea and ice cream.
Oddle posted revenue of S$1.8 million in the year ended March 31, 2018, surging 57 percent from a year earlier, according to the filings.
Its net loss narrowed to S$2.3 million from S$2.6 million.
The number of tech start-up exits in Southeast Asia was little changed in the first half of this year from a year ago, according to a recent report by Singapore-based Cento Ventures.
The proceeds generated from the exits dropped by almost 50 percent, the report said.
STEADY: Prices are to rebound following inventory rebuilding demand, TrendForce said, with Samsung Electronics Co further trimming capacity as it slashes DDR4 lines The contract prices of DRAM chips are to rise by as much as 18 percent sequentially this quarter — the first price upticks in about eight quarters — driven mainly by inventory rebuilding demand for DRAM chips used in mobile devices and PCs, TrendForce Corp (集邦科技) projected yesterday. The price rebound is led by a quarterly increase of mobile DRAM chips, which are to climb between 13 percent and 18 percent quarter-on-quarter this quarter, which has not been seen since the fourth quarter of 2021, the Taipei-based market researcher predicted. Likewise, the price of mainstream PC DDR4 DRAM is expected to bounce
SOLID FOUNDATION: Given its decades of expertise in megatronics, manufacturing and robotics, Japan has the wherewithal to create its own AI, Jensen Huang said Nvidia Corp plans to help build an artificial intelligence (AI) tech-related ecosystem in Japan to meet demand in a country eager to gain an edge in this emerging technology. The US company will seek to partner with Japanese research organizations, companies and start-ups to build factories for AI, Nvidia CEO Jensen Huang (黃仁勳) said yesterday during opening remarks in a meeting with Japanese Minister of Economy, Trade and Industry Yasutoshi Nishimura. The company is to set up an AI research laboratory, and invest in local start-ups and educate the public on using AI, Huang said. Huang earlier this week met with Japanese Prime
A Hong Kong court postponed a court hearing on troubled Chinese property developer Evergrande Group’s (恆大集團) winding-up petition scheduled for yesterday until Jan. 29. Evergrande is trying to win support from its creditors for a plan to restructure more than US$300 billion in debt to stave off liquidation. The company’s lawyer told the court it was requesting an adjournment to “refine” its new debt restructuring plan. The Hong Kong High Court has postponed the hearing over Evergrande’s potential liquidation several times. Judge Linda Chan (陳靜芬) had said in October that yesterday’s hearing would be the last before a decision is handed down. Chan
Huawei Technologies Co (華為) is among a field of “very formidable” competitors to Nvidia Corp in the race to produce the best artificial intelligence (AI) chips, Nvidia chief executive officer Jensen Huang (黃仁勳) said yesterday. Huawei, Intel Corp and an expanding group of semiconductor start-ups pose a stiff challenge to Nvidia’s dominant position in the market for AI accelerators, Huang told reporters in Singapore. Shenzhen-based Huawei has grown into China’s chip tech champion and returned to the spotlight this year with an advanced made-in-China smartphone processor. “We have a lot of competitors, in China and outside China,” Huang said. “Most of our competitors
RSS