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Singaporean food-ordering platform Gobble closes shop due to funding woes, low profit


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Social media-based food-ordering platform Gobble has shut down in Singapore after just over 18 months of operations due to its inability to secure additional funding to fuel its growth.

According to one of the company’s founders, Ashwin Purushottam, food ordering has exhibited an onslaught of disappointing IPOs, which set an unfortunate precedent for their next fundraiser.

While the platform enjoyed a high volume of sales, reaching US$350,000 in annual gross merchandise value with revenue surging by 47 percent month-on-month, the profit margins were too low for the company to continue running.

Co-founder Domenico Tan said they realized that relying solely on a B2C model wasn’t sustainable for them and that they failed to show a quick enough path to positive cash flow.

He added that with their current funding, they would not be able to generate enough revenue just from Singapore to raise their Series A.

The food pick-up app for discount group orders was founded by the two entrepreneurs in 2021. The company subsequently bagged $1.3 million in a seed round led by Beenext and Flash Ventures.

According to a report released by Grab and Euromonitor International, the Southeast Asian online food delivery gross merchandise value is estimated to grow from US$9 billion in 2020 to $28 billion in 2025.

 

https://www.econotimes.com/Singapore-based-food-ordering-platform-Gobble-ceases-operations-1649310

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the biz model is not even sustainable or profitable in the first place, just like grab.

 

cheap money also no invested in this way.

 

song bo, kumgong pappy serfs?????

 

ur hard-earned pappyland dollars r used to pay con jobs.

 

wahahahahahahahahahahaha

 

The Grab and Go-Jek of 1960s Singapore: Pirate Taxis

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2 hours ago, aaur4man said:

platform here platform there everyone building platform add little value yet HIGH OPERATING COST

 

1 hour ago, Homelander said:

 

Wages the biggest component...especially fattening their own wallets hahaha

 

diam diam lah, jealous kumgong pappy serfs!!!!!!!

 

zheng hu says these platform workers r talented and underpaid, ok??????

 

wahahahahahahahahahaha

 

Dream Coder (TV Series 2017) - IMDb

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10 hours ago, socrates469bc said:

 

 

diam diam lah, jealous kumgong pappy serfs!!!!!!!

 

zheng hu says these platform workers r talented and underpaid, ok??????

 

wahahahahahahahahahaha

 

Dream Coder (TV Series 2017) - IMDb

 

What is this? How come u bring mediacorp drama in??? Wahaha

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7 hours ago, Homelander said:

 

What is this? How come u bring mediacorp drama in??? Wahaha

 

7 hours ago, ManOfTheHour said:

He wanna gobble Carrie Wong’s pgd

 

limpeh dont like flat pigu.

 

the pigu must be this spec b4 limpeh will jiak.

 

wahahahahahahahahaha

 

Luxy Girls, 2016-10-28, 幸福企業園遊會: r/RevealingAsiansCU

Edited by socrates469bc
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8 minutes ago, aaur4man said:

 

99% of CECA run business will take off leh

 

just not sure how many can float after 

 

take off underwear is it?

knn... chao CECA snake... like to talk nonsense... kumgong then invest in their snake business.

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