Tech in Asia
Photo credit: Redmart.
Less than a week after rumors broke, Southeast Asian ecommerce company Lazada announced today that it has agreed to acquire online grocery provider Redmart. The parties didn’t disclose the value of the deal but TechCrunch sources say it’s US$30 million to US$40 million.
The transaction is expected to be completed within this quarter, the companies said in a statement.
By teaming up, the companies will benefit from each other’s operational infrastructure and extended customer network, they said.
Redmart will continue to operate independently.
Lazada is controlled by Chinese online shopping Alibaba, which in April took a commanding stake in the Rocket Internet-born startup for US$1 billion.
This post It’s confirmed: Alibaba-backed Lazada is buying Redmart appeared first on Tech in Asia.
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