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The startup, co-founded by Jonathan Lim, Pua Yong Xiang and Jeremy Lee, has reached out to potential suitors to gauge interest, said the people, who asked not to be identified as the process is private. The sale documents show that Oddle has raised total funds of S $ 5 million in the past three years and projects a gross profit of S $ 8 million for the fiscal year ending March 2021, the people said.
Online food orders from people trapped indoors have taken off since the Covid-19 outbreak, boosting revenue at companies like Oddle. Deliberations are in an early stage and the founders may decide to keep the business, the people said. The firm declined to comment when contacted by Bloomberg News.
INCOME GROWTH
The startup counts SPH Ventures, RB Investment, Fidelis Capital, Wavemaker Partners and Quest Ventures among its backers, according to their most recent filings with Singapore regulators. The company’s order management system is used by some 3,000 brands in more than 10 countries, its website shows.
Among these outlets is Odette, ranked as the best restaurant in Asia, where people can order Normandy crab dumplings and milk-fed Axuria lamb, as well as more humble offerings like bubble tea and ice cream.
Oddle posted revenue of S $ 1.8 million in the year ended March 31, 2018, up 57 percent from the previous year, according to the documents. Its net loss was reduced to S $ 2.3 million from S $ 2.6 million.
Oddle’s move comes as the number of exits from tech startups in Southeast Asia changed little in the first half of this year from the previous year, according to a recent report by Singapore-based Cento Ventures. Profits generated by exits fell by nearly 50 percent, according to the report.
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