Lazada, a Southeast Asian online shopping and selling platform, has announced that it had reached a deal to acquire Singapore-based online grocer RedMart.
In a joint statement, the companies explained that through this partnership, they would be able to leverage of their respective technological and operational infrastructure, as well as an extended customer network. While financial terms of the deal are undisclosed, earlier reports said that the deal was valued between $30 million to $40 million.
RedMart said its fulfilment and technology platform has enabled a superior customer experience, and added that if offered the largest grocery selection in Singapore, with products ranging from fresh produce to frozen foods that can be delivered within a two-hour delivery window, and further said that the deal would allow Lazada to benefit from its (RedMart’s) strong fulfilment capabilities in Singapore.
“This partnership will help us to increase the scale at which we are able to deliver our mission to save our customers time and money for the important things in life, said co-founder and CEO of RedMart Roger Egan. "As a result of the complexity of our core business, online groceries, we have built a market-leading logistics infrastructure.”
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