Help Save MyGroser by buying a voucher (or contacting us to invest!)
By Stephen Francis June 4, 2021
- Last resort by founders to raise minimum US$194k to stay alive
- Have put literally everything they own & can borrow into MyGroser
MyGroser, the Malaysian grocery startup that has raised standards and changed the way groceries are delivered in the country, has come to the difficult position of either raising at least US$194,000 (RM800,000) in cash within 48 hours, or being forced to close down its operations until it gets financed.
There are 5,000 store credit vouchers available for purchase until midnight on Friday, 04 June 2021 at www.mygroser.com and on the brand’s mobile apps. If the company is able to sell them, or receives direct investment before then from interested parties, MyGroser will be able to keep operating and serving its customers.
The voucher sale provides the company with much needed cash and rewards customers with deep discounts over the next three months – a “win-win situation like everything else we have worked to do for our customers over time. Financially, the cofounders have literally been putting everything we own and all we could borrow over the past year into the company as we focused on customers, making our service better, and securing investment from the right partners.
We have been working hard to keep our customers first in everything we do. This meant keeping delivery prices low through the past 12 months, and where we could, product prices were as competitive as we could get them.
More importantly, we ensured freshness on everything we sold as we believe that a customer needs to be protected and looked after. The results are there though and we are only months away from a self-sustaining business.
While we have secured interest from potential investors, these have been delayed and it’s put us in a position where we do not have the cash to keep operating unless we can quickly raise some.
The last six months in particular have been a struggle and with the recent closure that we self-imposed after a suspected close contact Covid-19 situation with a team member (thankfully it was all negative!) – well, things have gotten even harder for us as we lost more than a week’s worth of product in the process.”
MyGroser needs to raise money for its operations within the next 48 hours to allow it to keep operating. The minimum required is RM800,000 while the maximum we will accept is up to RM2 million.
This voucher offering is one of the ways the company is exploring to meet its financial commitments. MyGroser is also continuing to engage with promised investment partners on their incoming stakes, talking to any new partners who can speak to us immediately, and also reaching out to customers who have benefited from the services provided over the past year to buy these vouchers.
For more information, details are at blog.mygroser.com or email [email protected].
Note: If MyGroser is not able to raise at least RM800,000 through the sale of vouchers or confirm the incoming investment by existing or new partners by midnight on Friday (4 June 2021), it will return the entire amount of purchased vouchers back to its customers and be forced to consider closing the business.