A grocery delivery app that was founded in the midst of the COVID-19 pandemic has collapsed into voluntary administration.
SEND offered grocery deliveries in under 10 minutes to 46,000 registered users, with an estimated 300 employees working for the company from 13 sties and several dark grocery stores in sydney and melbourne.
The company entered voluntary administration on Tuesday, May 3, with administrators Matthew Kucianski and Matthew Jess of Worrells appointed to the company.
The administrators said on Wednesday they are now investigating the company’s financial position and considering options for the business. These options could include a sale, merger or takeover, with discussions of that nature already underway prior to the their appointment.
Affected staff are also being contacted to discuss their employment and outstanding entitlements, the administrators said.
“Like many tech start-ups, SEND had a sizeable cash burn that was being deployed to grow its market share,” said Kucianski.
“SEND has been successful in building a leading position in the grocery delivery space, however, as a start-up it requires ongoing financial support. SEND has faced some unique financing challenges given the composition of its…
