Online Grocery Store RedMart Secures $26.7 Million Funding From its Existing Investors

Bengaluru: RedMart, a Singapore-based online grocery store, raises $26.7 million in its Series C funding round led by its existing investors Garena, SoftBank Ventures Korea, Visionnaire Ventures, and Facebook Co-Founder  Eduardo Saverin. Far East Ventures was the only new investor who participated in the round. The company plans to expand its presence to South-East Asia using the freshly raised capital.

Prior to this, the company had raised $23million in its Series B round from Garena, Eduardo Saverin, Ohad Gilad, SoftBank Capital, Softbank Ventures Korea and Visionnaire Ventures in July 2014 and $5.4 million from Eduardo Saverin, Jani Rautiainen, Meng Weng Wong, Steve Melhuish, LionRock Capital (Hong Kong) and Teng Wen Wee in January 2014.

Founded in 2011 by Rajesh Lingappa and Vikram Rupani, RedMart is an online supermarket that enables the customers to get groceries and home essentials delivered to their doorstep. Through this platform, the manufacturers can bypass retail stores and connect with the customers directly. The company also proffers additional facilities like data analytics and marketing capabilities to the manufacturers. The company offers a catalogue of over 8,000 products ranging from household items to groceries.

 

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