Singapore-based online grocery organization RedMart is near raising a huge $100 million Series C round to grow its services crosswise over Asia. The new subsidizing is relied upon to shut in the following couple months. The organization was established in November 2011 to convey online and on-demand shopping to Singapore. To date, RedMart has raised over $50 million from investors such as Garena, SoftBank Ventures Korea, Visionnaire Ventures, and Facebook cofounder Eduardo Saverin, with its latest raise a $26.7 million bridge round last year.
Given the absence of Series C stores in Southeast Asia, this new round might well incorporate institutional and vital investors, however none of the participants were not unveiled at this point. The new financing will go towards growing the organization’s services into new markets in Asia, with Hong Kong liable to be the primary port of call, conceivably took after by Jakarta, Indonesia.
RedMart CEO Roger Egan has been open about the organization’s craving to expand abroad, yet he and his group are determined that the organization should first lockdown its plan of action in Singapore — a nation of only five million people, but with a grocery market expected to worth around $16 billion every year. RedMart’s technique is to work its own particular logistics and distribution centers, a model that it trusts gives it more control of the client service cycle and will empower it to rapidly wander into different verticals later on.
While it was apparently the first to pioneer online grocery sales in Southeast Asia, the scene is more focused today with investment supported new companies HonestBee ($15 million) and HappyFresh ($12 million) among a emerging pack of opponents.