Asia Based Online Grocer Company RedMart Raises $4.6 Million In Series A
RedMart is a Singapore based online grocer company that has raised $3.4 million in Series A funding. Altogether, RedMart has raised $4.6 million. Garena, a Singaporean based Internet company, provided RedMart with their Series A round. RedMart sells non-perishable products and delivers to customers for no charge if they spend SG$75 (US$59.50) or more.
“They have been incredibly capital efficient in building the foundation for what I believe will become Singaporeans’ regular choice for buying everyday essentials,” stated Garena founder and chief executive officer Forrest Li.
The company’s run rate is at about $5 million and they have grown 70% quarter-on-quarter. They have a customer retention rate of 75%. Customers order on average of 1.5 times per month. Around 65% of RedMart’s customers are in Singapore. There are around 11,000 registered users on RedMart.
RedMart will be expanding to other cities in 2014. Likely they will expand to Kuala Lumpur and Hong Kong. RedMart will be raising a large round of funding towards the end of 2013.