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RedMart may be seeking buyer

As competition increases, Singapore online grocer RedMart is said to be seeking a buyer.

Backed by billionaire Facebook co-founder Eduardo Saverin, RedMart is working with an investment bank on options, including a possible sale, say insiders.

They say the company has contacted potential buyers, including supermarket chain NTUC FairPrice.

Founded in 2011, RedMart has raised tens of millions of dollars from investors, including Garena and SoftBank Ventures Korea. Instead of an outright sale, the company might consider another funding round. Its US$23 million funding round in 2014 attracted new investors SoftBank and San Francisco-based Visionnaire Ventures, as well as existing backers including Saverin.

“RedMart has built a strong team of investors and, in the normal course of business, we continue to engage with potential new investors who can add value as we scale,” the company says.

“The business continues to grow rapidly, and we have more than doubled our revenue thus far this year while remaining on a clear path to profitability.”

Indonesian online grocer HappyFresh raised more than $12 million last month, while Singapore concierge and delivery firm Honestbee completed a $15 million funding round last year and formed a delivery partnership with NTUC FairPrice.

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