Online grocer backed by Facebook billionaire said to seek buyer

SINGAPORE (Sept 20): RedMart, the Singapore online grocer backed by billionaire Facebook Inc. co-founder Eduardo Saverin, is seeking a buyer as competition intensifies in the city-state, people with knowledge of the matter said.

RedMart is working with an investment bank on options including a possible sale of the grocer, which delivers products ranging from fresh dragonfruit to frozen dumplings, according to the people. The company has reached out to potential buyers including Singapore supermarket chain NTUC Fairprice Co-operative Ltd. to gauge their interest, the people said, asking not to be identified as the talks are private.

The Singapore company has raised tens of millions of dollars from investors including Garena, Southeast Asia’s biggest tech startup, and SoftBank Ventures Korea amid an increasingly competitive funding environment in the region. Indonesian online grocer HappyFresh raised more than US$12 million ($16.36 million) last month, while Singapore concierge and delivery firm Honestbee Pte completed a US$15 million funding round last year and formed a delivery partnership with NTUC Fairprice.

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