Lazada and RedMart have confirmed that Lazada will be buying RedMart for about $30-$40 million. The deal is to happen before the end of this year.
The word on the street is that Lazada is in talks to acquire online grocer RedMart. Today the rumor was confirmed by both companies. Lazada took a $1 billion investment from Alibaba during the start of the year, the company is spending approximately $30-$40 million to buy Singapore based RedMart. The price range is unexpected since many had expected a major exit considering how well RedMart did. RedMart raised more than $55 million from investors like co-founder of Facebook Eduardo Saverin.
The deal is to be completed by the end of this year. RedMart had been working with the banks to find a buyer after the company faced some financial problems. Just like RedMart, Lazada had run out of money before Alibaba backed the company. Uber for X, Get your own clone script!
RedMart stressed that they will continue to run independently despite the transaction. This deal will help the company expand into new product categories faster. RedMart is located in Singapore but looking to expand, It is an Uber clone. Meanwhile Lazada exists in about six countries in Southeast Asia but there has been nothing said about Lazada helping RedMart with the expansion plans.
“This partnership will help us to increase the scale at which we are able to deliver our mission to save our customers time and money for the important things in life… We are partnering with Lazada to serve our customers better,” RedMart co-founder and CEO Roger Egan said in a statement.
Amazon was a RedMart suitor but the U.S retail giant bid even less than $30 million, Amazon is building its own capabilities instead.
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