Photo credit: Flash Coffee

Flash Coffee, a Singapore-based coffee chain, has filed for a voluntary winding-up in the city-state, its status on the business filing portal of Singapore’s Accounting and Corporate Regulatory Authority shows.

At the same time, the Rocket Internet-backed startup told Tech in Asia that it is shutting down its 11 stores in Singapore out of over 200 stores globally.

Some of Flash Coffee’s employees reportedly initiated a strike in Singapore but the company later denied these reports.

Flash Coffee said it’s looking to focus on its “most promising markets,” adding that some are close to hitting EBITDA profitability.

Besides Singapore, the coffee chain serves its brews in Indonesia, Thailand, Hong Kong, and South Korea.

Flash Coffee was founded by David Brunier and Sebastian Hannecker, former executives at Foodpanda and Bain & Company, respectively.

Recently, the coffee chain has seen increased competition from players like Kopi Kenangan and Luckin Coffee, which have been expanding across Southeast Asia.

Flash Coffee carried out a round of layoffs last year but later received US$50 million in series B funding.

Its past investors include Delivery Hero, Rocket Internet, Global Founders Capital, DX Ventures, Conny & Co., and White Star Capital.

See also: Malaysia’s coffee scene heats up as foreign players take on local firms