Photo credit: Redmart.
Southeast Asia ecommerce portal Lazada is reportedly in talks to buy online grocery provider Redmart, according to TechCrunch.
The acquisition amount is said to be around US$30 million to US$40 million, which if true, is in the low range given it raised US$26.7 million last year.
Redmart had apparently held unsuccessful talks with supermarket chain NTUC and Singapore sovereign wealth fund GIC. It also received a “lowball” offer from Amazon.
The startup had been in trouble for some time. While its revenue grew, its expenses increased at an even faster clip.
This post Lazada in talks to buy Redmart for rumored $30m to $40m appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/alibaba-lazada-redmart
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