By YU Hao
Missfresh, the collapsed online grocery, released its long overdue annual report for 2021 Monday. Revenue last year was 7 billion yuan (US$990 million), up 13.3 percent, while costs were up to 10.8 billion yuan. That’s a loss of 3.85 billion yuan.
In July this year, Missfresh shut down its same-day delivery service everywhere, and its overnight service in a number of cities, including Beijing and Shanghai, referred to as “strategic adjustments which could eventually fail” in the report.
Since 90 percent of the revenue came from same-day deliveries, Missfresh might soon have no revenue at all.
The report laments rental contracts on almost 200 mini-warehouses, some of which won’t expire until 2026. The report said Missfresh plans terminate contracts in “the foreseeable future,” but there will be costs.
Missfresh's unmanned grocery machine business Bianligou was sold for 18 million yuan, but the buyer paid only 7.8 million yuan.
Missfresh had 1,925 staff at the end of 2021, now there are 55.
A total of 765 former employees have filed complaints against the company, and more than 6,000 suppliers are suing for a total of more than 800 million yuan. Missfresh owes Tencent 11.9 million yuan for advertising and has no cash to pay employees or suppliers.
