Meal Temple Group, a Cambodia-based food delivery and logistics company with operations in Laos, has announced a strategic equity investment into Freshgora.com, an on-demand food and grocery delivery startup in Myanmar.
As per the deal, both companies will address the market in Myanmar and expand operations nationally. In the long run, the companies will add more services and work together for an on-demand super app for frontier markets.
Meal Temple Group is looking to address more than 100 million people in frontier markets of Asia by the end of the year, and grow its technology to a super app model.
“Instead of going on our own in Myanmar, a slightly more mature market than Cambodia and Laos, and much bigger, we decided to invest for equity for an undisclosed amount (6 figures),” Meal Temple’s Founder Maxime Rosburger told e27. “We have also agreed to invest in technology, with our new version coming, as well as in operations, leveraging on our teams, knowledge and understanding on similar markets as well as with our regional network.”
Meal Temple’s operations in Cambodia and Laos are breakeven, he claims. The company is looking to emulate the same model in other frontier Asian markets. “We are looking to make those frontier Asian cities greener by changing fleets to electric vehicles only, and leading a trend to zero emission on-demand apps, as we are doing now in Cambodia.”
Started less than a year ago, Yangon-based Freshgora.com offers food and grocery deliveries from restaurants and local markets in less than one hour through its own fleet of drivers. It clocks more than 100 deliveries a day in the city.
With more than 55 million people, including more than 6 million in the Yangon metropolitan area, Myanmar is one of the fastest growing markets in Southeast Asia.
Daniel Htut, Founder of Freshgora, said: “We are really excited to partner with Meal Temple Group and offer our customers in Myanmar more services, support and perks, and be guided by Maxime Rosburger and his team on how to sustain our growth in the market. After only eight months, we are already tackling the largest local players, with a clean approach on technology, user experience and interface as well as customer service. We are also really inspired by Meal Temple Group’s vision on electric vehicles and social impact ambition.”
Founded in 2013, Meal Temple Group was launched in the early days of Cambodia’s tech ecosystem. Today, its delivery services collectively makes 10,000 monthly trips in Phnom Penh, Siem Reap and Sihanoukville. Last October, the company raised a six-digit sum from private investors in Australia and Europe.
In February this year, Meal Temple acquired Laos-based food delivery platform MyDelivery.