Meal Temple Group, a Cambodia-based food delivery and logistics company that also has operations in Laos, has announced a strategic equity investment into Freshgora.com, an on-demand food and grocery delivery startup in Myanmar.
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.
Meal Temple Group announced the strategic investment into Fresgora.com and said that both companies plan to expand their operations I Myanmar so that they cover the entire country and that the long term strategic vision is for both companies add more services and work together for an on-demand super app for frontier markets.
Maxime Rosburger, the founder of Meal Temple said that, “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. 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.”
According to Rosburger, Meal Temple’s operations in both Cambodia and Laos are breaking even and 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.”
Freshgora was started in Yangon in 2018 and currently offers food deliveries from restaurants as well as grocery deliveries from local markets. The company has its own fleet of drivers and delivery vehicles and its average delivery time in Yangon is less than one-hours. According to the company it is now processing more than 100 deliveries each day, and up to 200 deliveries on weekends.
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.
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.”