Hot on the heels of Amazon’s entry into Southeast Asia, Lazada has just confirmed its acquisition of Singapore web startup RedMart, reports Tech Crunch.
Lazada is spending $30-40 million to buy Singapore-based RedMart. Officially the deal is undisclosed and scheduled to be completed before the end of this year.
According to news, RedMart has been facing financial troubles, and has been working with numerous banks to find a buyer since September.
In a press release, RedMart states that it will continue to be run independently of Lazada despite this transaction. This new deal will help the grocery startup expand into new product categories, and possibly new countries. Lazada currently operates in six countries in Southeast Asia.
With Amazon’s grocery delivery service heading the same way, we sense an intense rivalry coming soon to Singapore.
A version of this appeared in Tech Crunch on November 2. Read the rest of the story here.