DealStreetAsia
Indonesian multi-brand F&B operator DailyCo is said to be finalising the acquisition of SoftBank Ventures-backed Indonesian F&B firm Yummy Corp through a share swap deal, according to multiple sources familiar with the matter.
Sources indicate that Yummy Corp’s top management, including Mario Sutanto, is currently using a DailyCo email address, even though the company officially stated that the deal is not yet closed.
When contacted by DealStreetAsia, the company responded: “DailyCo is currently in talks with multiple companies in the context of M&A. Yummy Corp is one of them. However, we are not currently in a position to comment further, as a deal has not yet been finalised.”
Yummy Corp did not respond to DealStreetAsia’s queries.
Details of the share swap structure and potential investor exits remain unclear.
The deal effectively brings together two mid-scale food-tech players in a bid to consolidate market presence, reduce redundancies, and boost revenue. “On paper, this looks like a scale play more than a profitability story,” said one venture investor tracking the space. “Combining two assets can sometimes buy time to raise more capital and pursue growth before unit economics kick in.”
A potential merger between DailyCo and Yummy Corp could create a leading integrated F&B operator catering to both individual consumers and corporate clients.
Yummy Corp raised $12 million in Series B funding in 2020, led by SoftBank Ventures Asia, with participation from Hong Kong-based Vectr Ventures, AppWorks, Quest Ventures, Coca-Cola Amatil X, Palm Drive Capital, and existing backers Intudo Ventures and Sovereign’s Capital. Other investors in Yummy Corp include East Ventures, BRI Ventures, and AC Ventures.