- Oddle’s revenue drops 37.5% as food delivery slows post-pandemic.
- Losses widen to S$5.6 million in FY 2022.
- Oddle focuses on data, reservations, and revenue generation to navigate the funding winter.
Food delivery slowdown takes a bite
Oddle, an F&B software-as-a-service startup, reported a 37.5% drop in annualized revenue to S$15 million (US$11.1) for the nine-month period ended December 31, 2022.
The Singapore-based firm’s loss for the year also widened to S$5.6 million (US$4.1 million), more than double its loss for the previous financial year.
The company attributed the decline to the easing of pandemic restrictions and the resumption of dining out.
Anticipating an industry-wide drop in volume after the pandemic, Oddle shifted its focus to helping restaurants grow their sales through data.
The company made bets on three key areas: reservations, payment terminals, and QR code-based ordering.
Despite seeing great traction in its restaurant reservation product from 2021 to 2022, Oddle only started charging for the service in Q2 2024.
Surviving the funding winter
As of the end of FY 2022, Oddle had approximately S$10 million (US$7.4 million) in cash and cash equivalents. However, in April 2023, the company laid off about 25% of its staff across its four markets.
Oddle shared that it was in talks with a potential investor, but nailing down fresh investments has not been easy given the funding winter.
Moving forward, Oddle’s focus will be on data, exemplified by its Check-in Rewards offering that integrates multiple digital touchpoints for restaurants powered by the company’s customer data platform.
Oddle also plans to activate revenue generation for all products by Q3 2024 fully.
To read the original article: https://www.techinasia.com/oddle-posts-us15-million-revenue-47-drop-yoy
