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Alibaba unit Lazada acquires e-grocer RedMart
ALIBABA'S South-east Asian subsidiary Lazada is acquiring Singapore e-grocer RedMart.
The acquisition will allow Lazada to benefit from RedMart's order fulfilment capabilities in Singapore and also accelerate RedMart's expansion into new product categories, both said in a statement on Wednesday. The value of the deal was not disclosed.
Said RedMart co-founder and CEO Roger Egan: "Through this partnership, we can further scale our logistics and tech platform to extend our product assortment and to offer an even more convenient service for our customers in Singapore. The capital flexibility provided through this deal will go towards innovating to delight our customers."
Lazada Group CEO Maximilian Bittner said that RedMart's strong management team and relentless focus on putting the customer first has resulted in customers loving them in Singapore. "As part of our growth strategy, we are always looking for ways to serve our customers better by adding new product categories and improving our service offering."
RedMart will continue to operate independently after the acquisition.