SoftBank and Garena will exit the Singaporean online grocer, which had aimed to raise $100m in funding earlier this year, in a purchase reportedly sized at $50m.
E-commerce platform Lazada has agreed to acquire Singapore-based grocery e-commerce company Redmart, enabling internet and telecommunications group SoftBank and internet company Garena to exit.
Lazada will pay “about $50m” for Redmart, according to the Wall Street Journal, which cited people familiar with the transaction. Reports a few days ago suggested the price would be between $30m and $40m.
Founded in 2011, Redmart operates an online platform that supplies fresh produce and frozen foods to Singaporean customers. It had raised…
