E-commerce RedMart Secures $23 Million Funding.
Singapore-based online grocery store RedMart has some grand ambitions to eventually expand beyond groceries, with the objective to eventually develop a logistics network that can be leveraged for many vertical other then simply just groceries.
“We see ourselves as a technology and logistics company that just happens to be delivering groceries,” Redmart CEO Roger Egan.
The company is currently on a momentous march towards the almighty goal. After securing $5.4 million in a bridge round duringf January of this year, it has manage to raise another $23 million during a Series B round from existing investors Garena, who previously investing in their Series A round, and Facebook co-founder Eduardo Saverin, as well as new invest Visionnaire Ventures and Softbank Bentures, which was notably an early investor in Chinese giant e-commerce Alibaba.
Redmart will utilize these funds to mainly expand their product range to include fresh food, which is considered a logistical night in itself as food will have to maintain its quality as soon as it leave the warehouse till delivery at the customer’s doorstep. Egan spoke that Redmart is search for more cost-effective manners of doing so compared to other online grocers across the world. This will see the company moving towards a tempreature controlled warehouse and placing investing into packaging technology.
Fresh Food shall begin to appear on Redmart in phases, beginning in October first, with a full range of fresh food likley to be placed by the end of this year.
While Redmart will continued to main focus upon Singapore at first, Egan noted that being able to solve all the logistical challenges the company faces here will make it far more easier to dominate the over seas markets eventually. After all, he stated that Amazom has spent years in Seatlle before expanding all over the globe.