Bananas
Grocery delivery application.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | $1.5m | Seed | |
| Total Funding | 000k | ||
| USD | 2022 | 2023 |
|---|---|---|
| Revenues | 0000 | 0000 |
| EBITDA | 0000 | 0000 |
| Profit | 0000 | 0000 |
| EV | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 |
Source: Dealroom estimates
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Bananas (bananas.id) was an Indonesian quick commerce startup founded in late 2021 by Mario Gaw and Kristian F. H. Sinaulan. The company aimed to disrupt the traditional grocery shopping experience by offering rapid delivery services in the burgeoning e-grocery market of Indonesia. Mario Gaw, who served as the CEO, brought extensive experience from the technology and finance sectors, having previously founded the rewards application Cashbac and served as the Chief Product Officer at Tiket.com.
The business operated on a quick commerce model, utilizing strategically located micro-hubs, or "dark stores," in high-density residential areas in Jakarta to facilitate grocery deliveries within an average of 10 minutes. This model was designed to provide customers with speed and convenience, particularly during the pandemic era when demand for such services surged. The company's mobile application, available for both Android and iOS, allowed users to order a wide range of products, including fresh fruits and vegetables, coffee, snacks, spices, dairy, and bakery items. A key aspect of their operational strategy was sourcing fresh produce directly from local farmers and small businesses, thereby supporting local communities.
In February 2022, Bananas announced it had secured a total of US$1.5 million in a seed funding round. This included US$1 million led by East Ventures with participation from SMDV, ARISE, and MDI Ventures, and an additional US$500,000 from being accepted into the Y Combinator Winter 2022 batch. The capital was intended to fuel expansion, primarily by increasing the number of dark stores in Jakarta and other major Indonesian cities, and to build out its operational and product teams. However, despite its promising start and significant backing, Bananas ceased operations in October 2022. The company laid off 36 employees, citing its inability to find a sustainable business model with workable unit economics after months of experimentation.
Keywords: quick commerce, grocery delivery, dark stores, e-grocery Indonesia, Mario Gaw, Kristian Sinaulan, East Ventures, Y Combinator, on-demand delivery, Jakarta startup, mobile grocery, food delivery, local produce sourcing, last-mile delivery, online supermarket, convenience shopping, venture capital, seed funding, Indonesian tech