HappyFresh Board Is Said to Hire Alvarez & Marsal for Review

HappyFresh’s board hired turnaround firm Alvarez & Marsal Holdings LLC and is conducting a review of the online grocer’s financial situation, according to people familiar with the matter.

The move comes after the Jakarta-based startup struggled to raise additional capital to fund its operations, said the people, who asked not to be named as the matter is private. In addition, some senior executives have stopped handling their day-to-day duties. Founded as one of the first Instacart-style grocery delivery services in Southeast Asia, HappyFresh has raised at least $97 million in equity funding in addition to debt financing.