Plum retrenches from Singapore as competition scalds
Hong Kong food-delivery startup Plum has closed its Singapore operations.
An email delivered to Plum’s customers read: “It is with great sorrow to announce that we are ceasing our operations in Singapore from 21st January. Plum would like to thank you for your past support and going on this wonderful journey with us. We would not have achieved what we had without you. Best wishes to the year ahead.”
Plum’s Singapore operations lasted less than a year in a highly competitive market, which saw the exit of hawker food delivery service Fastbee several months ago. The firm’s entire Hong Kong staff were let go in November to “right size” operations.
The market is set to get even more competitive this coming year as Grab and Go-Jek struggle for market share in the territory.