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Singapore online grocer RedMart closes Series A round

  • Mirzaan Jamwal
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Online grocery store RedMart has closed its Series A round of funding from Singapore-based Garena, which offers online gaming. The company did not disclose the exact amount raised in this round, only that the total amount of funding raised so far adds up to $4.6 million.

RedMart sells non-perishable goods, delivers groceries and home essentials directly to customers with no charge for purchases above the SG$75 ($59.50) mark. The platform enables manufacturers to bypass retailers and has signed an agreement with Unilever to carry their products.

It currently has 11,000 registered users and the company says they have a high customer retention rate with 75% of customers returning to make repeat purchases. The company has grown 70% quarter on quarter.

Investors in the seed rounds include Golden Gate Ventures, East Ventures, Orientation Capital, DSG Consumer Partners, DHG Communications Network and Skype co-founder Toivo Annus.

RedMart is planning to expand to other cities in the region by 2014, including Kuala Lumpur and Hong Kong. The company will be raising a larger round of financing near the end of 2013.

Last year, Redmart hired eBay's former marketing director Todd Kurie as its vice president for marketing.

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