RedMart operates an online grocery service and marketplace in Singapore, offering roughly 15,000 products across its B2C platform and a rapidly growing marketplace for independent grocers. The company owns its logistics and warehouse chain, which it cites as a strategic advantage for expanding into other product categories and offering near-instant delivery. RedMart is building out a grocery marketplace and an on-demand marketplace as part of its product roadmap and aims to expand into other Southeast Asian cities over time. The business reports GMV, partners and SKUs growing about 12–15% per month and says metrics are trending in the right direction with a clear path to profitability. Leadership changes include the hiring of former Amazon executive Colin Bryar as COO and Vikram Rupani moving to President. Management emphasizes a cautious, learning-driven approach to expansion informed by past failures in the grocery and delivery space. RedMart is an online grocery service the founders describe as a “tech and logistics company that does grocery retail.” It offers same-day delivery, lower prices, and a wide selection, and typically fulfills orders of 22–26 items. Since its Series A in July 2013 the company says revenue has grown 20% to 30% per month; when last reported it had made $5 million in annual sales. Headcount has grown from 75 to 115 employees and the company operates 16 delivery trucks with Android-based driver software for route and delivery management. The new funding will be used to build out logistics infrastructure and technology to support rapid growth. Management says it intends to solidify its operations before expanding into other cities. RedMart is a Singapore-based online grocery retailer that offers free delivery on orders above US$60. Founded in 2011, the company reported about US$5 million in annual sales and 11,000 registered users, with customers returning on average 1.5 times per month and high retention rates. The startup operates roughly 25 office staff and 50 warehouse employees and has recently added hires including former eBay marketing director Todd Kurie. RedMart plans to use its new funding to continue developing its logistics software and infrastructure. After strengthening its Singapore operations, the company intends to expand to Kuala Lumpur and Hong Kong in 2014. One of its investors is Garena, a local tech company focused on gaming and messaging.

Total raised

$37M

Funding rounds

3

Latest round

Equity

Latest activity

Aug 2015