Reported 6 months ago
E-grocery startup Takeoff Technologies Inc. has filed for Chapter 11 bankruptcy protection, attributing their downfall to rapid expansion and decreased demand for online grocery orders. The Massachusetts-based company recorded a significant revenue drop and operating loss post-pandemic. This bankruptcy underscores challenges in the online grocery industry with pressure to improve capital returns, as seen with other startups like Getir exploring asset sale options. Founded in 2016 by former grocery executives, Takeoff operated in the US, served global grocery clients, and employed over 165 individuals.
Source: YAHOO